266 Cleveland St Memphis, TN 38104-3533
This exceptional 8,536-square-foot creative office building, located at 266 S Cleveland Street in Memphis, Tennessee, presents a unique investment opportunity. Built in 1957, this Class B property boasts a prime location in the heart of the Medical District, offering convenient access to Methodist University and other key medical facilities. The entire building, encompassing 8,536 contiguous square feet, is currently vacant and available for lease. The two-story structure features one elevator and ample parking with 50 spaces spread across three dedicated lots. The zoning is Commercial - Medical Office - CMU 3, making it ideally suited for a variety of medical office uses, including, but not limited to, chiropractic, physical therapy, dental, or counseling practices. The property includes a single building with a total of 8,536 square feet, offering flexibility for a single tenant or the potential for multiple tenants. The building's address is 266 S Cleveland Street, Memphis, TN 38104, with a cross street of Union Avenue. The Shelby County Assessor's Parcel Number (APN) is 016019 00010. This property offers a rare chance to acquire a substantial, well-located office building in a thriving medical district. The building's size and parking provisions make it an attractive option for a variety of medical professionals seeking a prominent location with ample space and convenient parking for both staff and clients. The second floor is currently available for lease.
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3. Commercial Mixed Use - 3 (CMU-3) The CMU -3 District is intended to accommodate a very broad range of high intensity commercial, office and employment uses that require highly visible and highly accessible locations with direct access to arterials. Residential uses are allowed on the ground floor but upper -story units are encouraged. Typical uses in this…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
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Property description
Physical attributes from public recordsZoning & alternative use
CMU-3 · Memphis, TN3. Commercial Mixed Use - 3 (CMU-3) The CMU -3 District is intended to accommodate a very broad range of high intensity commercial, office and employment uses that require highly visible and highly accessible locations with direct access to arterials. Residential uses are allowed on the ground floor but upper -story units are encouraged. Typical uses in this district serve regional needs. The permitted uses are generally uses not of a neighborhood or general commercial type, but serve large areas of the City and County. 2.2.4 District Intent Statements Article 2 Districts and Uses 2.2.4 Predominantly Industrial Districts Memphis/Shelby County Unified Development Code 16 ZTA 24-2 E. Central Business (CBD) The CBD District is intended to accommodate high -intensity office, employment and residential uses within downtown. The district regulations recognize and support downtown's role as a center of regional importance and as a primary hub for business, communications, office, living, government, retail, cultural, educational, visitor accommodations, and entertainment. The district promotes vertical mixed -use (residential/nonresidential) projects that contain active ground- floor uses. F. Campus Master Plan (CMP-) The campus master plan districts are intended to accommodate office, research and development, residential, light manufacturing and processing uses and other campus-like developments, such as hospitals, colleges and universities, allowing for clustering opportunities that h elp improve overall efficiency. Limited retail, restaurant and commercial uses are allowed, however, such uses are primarily for the convenience of employees or users of the campus. 1. Campus Master Plan - 1 (CMP-1) The CMP-1 District is intended to accommodate new development where the land -use pattern is predominately urban in character. New development should be urban in character with an emphasis on compact, vertical, pedestrian-oriented, mixed use development that fit seamlessly into the built environment. Landscaping requirements are reduced and buildings are pulled up much closer to the street. 2. Campus Master Plan - 2 (CMP-2) The CMP-2 District is intended to accommodate new development where the land -use pattern is predominately suburban in character or where such a land use pattern is desired in the future. New development should be suburban in character with an emphasis on low -rise buildings that blend flawlessly into the natural environment. Landscaping requirements are significant and development patterns are characterized by deep, gracious setbacks.
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