2748 Lamar Ave Memphis, TN 38114-4316
This Memphis, TN shopping center presents a compelling value-add opportunity. Priced at $1,200,000, this 35,370 square foot property boasts a prime location on Lamar Avenue, a high-traffic corridor averaging 35,000 vehicles daily. Currently 40% occupied, the center features five units, including a Family Dollar anchor tenant and three available retail suites. A vacant, 2nd generation restaurant space offers significant potential for redevelopment, possibly as a quick-service restaurant with a drive-thru. The property sits on a 3.54-acre lot and is zoned CMU-1, offering flexibility for future tenants. Its strategic location provides easy access to Memphis International Airport, the University of Memphis, and the Memphis Depot Industrial Park, ensuring strong potential for increased occupancy and rental income. This NNN-leased multi-tenant shopping center in Shelby County represents a rare chance to capitalize on a growing area and achieve substantial returns. The property's existing infrastructure and high-traffic location make it an ideal investment for those seeking a value-add opportunity with significant upside potential. The property's Class C designation reflects its current condition, presenting an opportunity for improvement and increased value.
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Tripper's Lamar Village Shopping Center & Mall
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.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
