2926 Lamar Ave Memphis, TN 38114-5614

Property Details for 2926 Lamar Ave

Year built

2006

Lot size

9.56 lot acres

Property size

64,835 SF

Zone code

CMU-3

Property type

Strip malls

Property subtype

Neighborhood centers

APN

059-016- -A-00002

APU

059016A00002

Description

This exceptional 64,800 square foot shopping center in Memphis, Tennessee, presents a compelling investment opportunity. Built in 2006, the single-story, one-building property sits on a 9.55-acre lot and boasts a strong 87.41% occupancy rate. The asking price is $6,330,000, representing a compelling 8.50% capitalization rate and a price per square foot of $97.69. The property generates a Net Operating Income (NOI) of $538,040. Located at 2926 Lamar Ave, Memphis, TN 38114, this strategically positioned center benefits from high visibility and traffic counts exceeding 140,000 vehicles per day due to its proximity to I-240. The property features ample parking (4.49 spaces per 1,000 sq ft) and is zoned CMU-1: Commercial Mixed Use. The tenant roster includes a mix of national brands, many of whom have occupied the space for over 13.5 years on average, providing stability and long-term income potential. The strong demographics of the surrounding area, with a population exceeding 95,000 within a 3-mile radius and an average household income nearing $76,000, further enhance the investment appeal. Value-add opportunities exist through potential lease rate adjustments and possible outlot development. The property's superior curb appeal and limited recent construction in the immediate area solidify its position as a premier retail destination along Lamar Avenue. APN: 0590160A000020.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Longitude

-89.9631

Latitude

35.0891

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments