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

    2987 Lamar Ave Memphis, TN 38114-5650

    • Strip malls
    • 31,000 SF
    • 1.43 lot acres
    OFF-MARKET
    Last Sale
    May 14, 2025
    $5,600,000
    Value Estimations
    $5,160,000
    Show details
    Cap Rate Potential
    8.5%
    Strip malls
    Location Intelligence
    Property ID
    US80-1322509
    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

    • EL TECH / Electronics Store

    Property Details for 2987 Lamar Ave

    Year built
    1965
    Lot size
    1.43 lot acres
    Property size
    31,000 SF
    Zone code
    CMU-3
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    059-025- - -00045
    APU
    5902500045

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,410,000
      ML approach
      $4,450,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,215,000
      6.5%
      $5,740,000
      7%
      $5,330,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $4,435,000
      OFFICE BUILDING
      $3,700,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9638
    Latitude
    35.0868
    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
    $18,092
    $65,960
    $231,040
    $297,000
    -
    $164,900
    $577,600
    $742,500

    Comparable in this City

    • Value Estimation by Request
      3,186 SF

      1664 Lamar Ave

      SHOPPING CENTER, STRIP CENTER • 3,186 SF
      1664 Lamar Ave, Memphis, TN 38114-1642
      View Details
    • Value Estimation
      $540,000
      5,200 SF

      2990 Lamar Ave

      SHOPPING CENTER, STRIP CENTER • 5,200 SF
      2990 Lamar Ave, Memphis, TN 38114-5609
      View Details
    • Value Estimation
      $895,000
      14,950 SF

      2391 Lamar Ave

      SHOPPING CENTER, STRIP CENTER • 14,950 SF
      2391 Lamar Ave, Memphis, TN 38114-3712
      View Details
    • Value Estimation
      $925,000
      13,200 SF

      2757 Kimball Ave

      SHOPPING CENTER, STRIP CENTER • 13,200 SF
      2757 Kimball Ave, Memphis, TN 38114-4300
      View Details
    • Value Estimation by Request
      5,850 SF

      3002 Park Ave

      SHOPPING CENTER, STRIP CENTER • 5,850 SF
      3002 Park Ave, Memphis, TN 38114-2744
      View Details
    • Value Estimation by Request
      3,326 SF

      1902 Nelson Ave

      SHOPPING CENTER, STRIP CENTER • 3,326 SF
      1902 Nelson Ave, Memphis, TN 38114-1726
      View Details

    Similar Nearby for Sale

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    • $795,000

      Memphis Commercial Space on Lamar

      High-traffic commercial space suitable for restaurant, retail, or entertainment.
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      Paved Parking Lot For Sale

      Paved parking lot near Tunstall and Park Ave in Memphis.
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    • $799,000
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      Airways Blvd Retail Building

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    Similar Nearby for Lease

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      Lamar Avenue Retail Space Available

      Neighborhood shopping center with spaces and outparcel for lease.
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      139,600 SF

      Midtown Memphis Retail Center

      High-traffic retail space, 139,600 SF
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      4,578 SF

      Retail Spaces on Lamar Avenue

      Retail spaces available near Memphis International Airport.
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      2,500 SF

      Retail Spaces on Lamar Avenue

      Retail spaces available near Memphis International Airport.
      2930 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.
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    • $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
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    2987 Lamar Ave
    Memphis, TN 38114-5650
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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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