Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2889 Old Austin Peay Hwy Memphis, TN 38128-5603

    • Hotels
    • 56,195 SF
    • 2.08 lot acres
    OFF-MARKET
    Value Estimations
    $765,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-3087766
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Motel 6 Memphis TN / Hotel & Motel
    • Jackson heights inn and suites. / Hotel & Motel

    Property Details for 2889 Old Austin Peay Hwy

    Year built
    1988
    Lot size
    2.08 lot acres
    Property size
    56,195 SF
    Zone code
    CMU-3
    Property type
    Hotels
    Property subtype
    Motels
    APN
    083-021- - -00038-C
    APU
    08302100038C

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $587,000
      Market price range: $588k - $2.17M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9224
    Latitude
    35.2042
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $17,057
    $115,360
    $164,640
    $280,000
    -
    $288,400
    $411,600
    $700,000

    Comparable in this City

    • Value Estimation
      $1,180,000
      31,295 SF

      2855 Old Austin Peay Hwy

      HOTEL/MOTEL • 31,295 SF
      2855 Old Austin Peay Hwy, Memphis, TN 38128-5603
      View Details
    • Value Estimation by Request
      999 SF

      4102 Jackson Ave

      RETAIL STORES (PERSONAL SERVICES) • 999 SF
      4102 Jackson Ave, Memphis, TN 38128-6300
      View Details
    • Value Estimation
      $8,365,000
      50,538 SF

      4100 Austin Peay Hwy

      HOSPITAL - PRIVATE • 50,538 SF
      4100 Austin Peay Hwy, Memphis, TN 38128-2502
      View Details
    • Value Estimation by Request
      1,653 SF

      4095 Jackson Ave

      AUTO REPAIR, GARAGE • 1,653 SF
      4095 Jackson Ave, Memphis, TN 38128-6347
      View Details
    • Value Estimation
      $1,970,000
      23,355 SF

      4175 Saint Elmo Ave

      APARTMENT HOUSE (5+ UNITS) • 23,355 SF
      4175 Saint Elmo Ave, Memphis, TN 38128-2384
      View Details
    • Value Estimation by Request
      283.00 Acres

      Bolen Huse Rd

      Land • 283.00 Acres
      0 Bolen Huse Rd, Memphis, TN 38128
      View Details

    Similar Nearby for Sale

    • $300,000
      7,134 SF

      Memphis Industrial Warehouse

      7,134 SF Warehouse, $300K
      2865 Hammond Rd, Memphis, TN 38128
      View Details
    • $320,000
      0.36 Acres

      Memphis Residential Land Near Nike & Amazon

      Prime 0.36-acre lot, ideal for development.
      2987 Frayser Blvd, Memphis, TN 38128
      View Details
    • $55,000

      3.26 Acres Land For Sale

      3.26 acres of land for sale, zoned R-10.
      3781 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • $2,775,000

      Office Building For Sale

      Office building available for purchase in Memphis, Tennessee.
      4913 Raleigh Common Dr, Memphis, TN 38128
      View Details
    • $275,000
      0.36 Acres

      Memphis Land Near Nike, Amazon

      Three combined lots totaling over an acre near major businesses.
      3005 Frayser-Raleigh, Memphis, TN 38128
      View Details
    • $80,000
      8.54 Acres

      Land For Sale, Memphis, TN

      8.54 acre land parcel available in Memphis, Tennessee.
      Coleman Ave, Memphis, TN 38128
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      14,885 SF

      Covington Springs Retail Center

      Memphis Shopping Center: Suites Available
      3830-3854 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • Contact for pricing
      570 SF

      Memphis Retail Space - Covington Pike

      Prime 570 SF Retail/Restaurant Space
      2974 Covington Pike, Memphis, TN 38128
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space on Austin Peay

      Retail space in busy shopping center with high traffic.
      3421-4565 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • Contact for pricing
      37,246 SF

      Village on the Pike Retail Center

      Memphis retail space, ample parking.
      2940 Covington Pike, Memphis, TN 38128
      View Details
    • Contact for pricing
      74,052 SF

      Raleigh Marketplace Retail Opportunity

      High-traffic retail land, build-to-suit options.
      3545 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • Contact for pricing
      1,275 SF

      Retail Space in Neighborhood Center

      Retail space available in a well-located shopping center.
      2920-2964 Covington Pike, Memphis, TN 38128
      View Details

    Property Visit Statistics

    • Visits by month
      5.8k
    • Visitors by month
      1.9k
    • Avg Time on site
      408 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2889 Old Austin Peay Hwy
    Memphis, TN 38128-5603
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.