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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2931 Park Ave Memphis, TN 38114-2726

    • Garden apartment buildings
    • 8,410 SF
    • 0.88 lot acres
    OFF-MARKET
    Value Estimations
    $810,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0451459
    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

    • Garden apartment buildings

    Property Details for 2931 Park Ave

    Year built
    1940
    Lot size
    0.88 lot acres
    Property size
    8,410 SF
    Zone code
    CMU-1
    Property type
    Garden apartment buildings
    APN
    059-002- - -00003-C
    APU
    05900200003C

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,045,000
      6.5%
      $965,000
      7%
      $895,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $836,000
      Market price range: $167k - $836k
      AI Estimate
      $632,000
      Market price range: $167k - $632k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $535,000
      Current use
      MEDICAL BUILDING
      $1,205,000
      Change: +126% Conversion: Moderate
      OFFICE BUILDING
      $1,005,000
      Change: +88% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $815,000
      Change: +53% Conversion: Difficult
      RETAIL STORES
      $700,000
      Change: +31% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $615,000
      Change: +16% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $510,000
      Change: -5% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9649
    Latitude
    35.1075
    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
    $15,383
    $18,560
    $233,960
    $252,520
    -
    $46,400
    $584,900
    $631,300

    Comparable in this City

    • Value Estimation by Request
      4,750 SF

      1277 Airways Blvd

      GARDEN APT, COURT APT (5+ UNITS) • 4,750 SF
      1277 Airways Blvd, Memphis, TN 38114-2313
      View Details
    • Value Estimation by Request
      3,998 SF

      1921 Lamar Ave

      GARDEN APT, COURT APT (5+ UNITS) • 3,998 SF
      1921 Lamar Ave, Memphis, TN 38114-2159
      View Details
    • Value Estimation by Request
      3,486 SF

      2012 Carnes Ave

      GARDEN APT, COURT APT (5+ UNITS) • 3,486 SF
      2012 Carnes Ave, Memphis, TN 38114-2106
      View Details
    • Value Estimation by Request
      5,040 SF

      1903 Pkwy E Pkwy

      GARDEN APT, COURT APT (5+ UNITS) • 5,040 SF
      1903 Pkwy E Pkwy, Memphis, TN 38114-2031
      View Details
    • Value Estimation by Request
      2,484 SF

      1178 Rutland Rd

      GARDEN APT, COURT APT (5+ UNITS) • 2,484 SF
      1178 Rutland Rd, Memphis, TN 38114-4038
      View Details
    • Value Estimation by Request
      2,780 SF

      979 Willett St

      GARDEN APT, COURT APT (5+ UNITS) • 2,780 SF
      979 Willett St, Memphis, TN 38114-1846
      View Details

    Similar Nearby for Sale

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      Memphis Fourplex Near Development

      Charming, fully leased fourplex near Central Gardens and Cooper Young.
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      0.14 Acres

      Residential Lot in Memphis

      Residential lot available for new construction in Memphis, Tennessee.
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      0.15 Acres

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      Cleared 0.15 acre vacant lot, ready for building project.
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    • $1,950,000
      207,000 SF

      16.9 Acres with Two Buildings

      16.9 acres of commercial land with two buildings.
      3120 Lamar Ave, Memphis, TN 38114
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      4.113 Acres on Lamar Avenue

      4.113 acres for sale in Midtown development opportunity.
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      0.11 Acres

      Residential Land in Memphis, TN

      Residential lot available for building a home or investment property.
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    Similar Nearby for Lease

    • $190,000
      4,888 SF

      Former Restaurant on Corner Lot

      Freestanding 4,888 SF former restaurant available for lease.
      2850 Lamar Ave, Memphis, TN 38114
      View Details
    • $30,000
      88,862 SF

      Memphis Corner Lot Ground Lease

      Prime Commercial Land, High Traffic
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      4,578 SF

      Retail Spaces on Lamar Avenue

      Retail spaces available near Memphis International Airport.
      2926 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing

      Lamar Avenue Retail Space Available

      Neighborhood shopping center with spaces and outparcel for lease.
      2926-2938 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing
      2,400 SF

      Lamar Ave Retail Space For Lease

      High-traffic retail space, 2400 sq ft.
      2320 Lamar Ave, Memphis, TN 38114
      View Details
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    2931 Park Ave
    Memphis, TN 38114-2726
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    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
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