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

    2989 Elmore Park Rd Bartlett, TN 38134-8309

    • Office buildings
    • 2,970 SF
    • 0.35 lot acres
    OFF-MARKET
    Last Sale
    Jan 14, 2022
    $260,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0492281
    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

    • Office buildings

    Property Details for 2989 Elmore Park Rd

    Year built
    1979
    Construction
    FRAME
    Lot size
    0.35 lot acres
    Property size
    2,970 SF
    Zone code
    O-R-1
    Property type
    Office buildings
    APN
    B01-57J- -E-00002
    APU
    B0157JE00002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bartlett
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8575
    Latitude
    35.2075
    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
    $2,494
    $27,680
    $45,880
    $73,560
    -
    $69,200
    $114,700
    $183,900

    Comparable in this City

    • Value Estimation by Request
      1,536 SF

      2784 Shelby St

      OFFICE BUILDING • 1,536 SF
      2784 Shelby St, Memphis, TN 38134
      View Details
    • Value Estimation
      $2,245,000
      22,442 SF

      5515 Shelby Oaks Dr

      OFFICE BUILDING • 22,442 SF
      5515 Shelby Oaks Dr, Memphis, TN 38134-7316
      View Details
    • Value Estimation
      $615,000
      6,152 SF

      5575 Raleigh Lagrange Rd

      OFFICE BUILDING • 6,152 SF
      5575 Raleigh Lagrange Rd, Memphis, TN 38134-5724
      View Details
    • Value Estimation by Request
      1,328 SF

      2962 Shelby St

      OFFICE BUILDING • 1,328 SF
      2962 Shelby St, Bartlett, TN 38134-4538
      View Details
    • Value Estimation by Request
      672 SF

      2881 Whitten Rd

      OFFICE BUILDING • 672 SF
      2881 Whitten Rd, Bartlett, TN 38134-4754
      View Details
    • Value Estimation
      $1,315,000
      4,800 SF

      2855 Stage Vlg Cv

      OFFICE BUILDING • 4,800 SF
      2855 Stage Vlg Cv, Bartlett, TN 38134-4616
      View Details

    Similar Nearby for Sale

    • $995,000
      4,500 SF

      Memphis Office Building For Sale

      Office building in Northeast Memphis with easy highway access.
      6634 Summer Knoll Cir, Memphis, TN 38134
      View Details
    • $575,000
      3,672 SF

      Office Building For Sale

      Office property featuring 3,672 square feet of space.
      2820 Summer Oaks Dr, Bartlett, TN 38134
      View Details
    • $539,000

      Bartlett Office Building For Sale

      Well-maintained office building in a central Bartlett location.
      2808 Stage Center Cv, Bartlett, TN 38134
      View Details
    • $365,000
      3,262 SF

      Office Space in Old Bartlett

      3,262 SF office space for sale in Old Bartlett.
      2857 Shelby St, Bartlett, TN 38134
      View Details
    • $3,600,000
      36,550 SF

      Bartlett Medical Office Building

      36,550 SF Medical Office, $3.6M
      6570 Stage Rd, Bartlett, TN 38134
      View Details
    • Contact for pricing

      Bartlett Office Suites For Rent

      Affordable Bartlett office space, multiple suites.
      2810 Summer Oaks Dr, Bartlett, TN 38134
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,700 SF

      Available Office Space for Lease

      9,700 SF office space with signage and ample parking.
      1610 Century Center Pkwy, Memphis, TN 38134
      View Details
    • $8 SF/Yr
      27,931 SF

      Memphis Office Space for Lease

      Premier office property in Memphis with modern amenities and flexible floorplans.
      6047 Executive Centre Dr, Memphis, TN 38134
      View Details
    • $12 SF/Yr
      2,965 SF

      Shelby Oaks Office Space Available

      Office spaces ranging from 2,706 to 4,780 SF for rent.
      5796 Shelby Oaks Cir, Memphis, TN 38134
      View Details
    • Contact for pricing
      75,050 SF

      Shelby View Office Space Available

      Sublease opportunity in premier location near I-40.
      6399 Shelby View Dr, Memphis, TN 38134
      View Details
    • $12 SF/Yr
      131,000 SF

      Northeast Memphis Business Park

      Office and showroom/warehouse spaces available in Memphis, Tennessee.
      5125 Spice Cv, Memphis, TN 38134
      View Details
    • $15 SF/Yr
      3,479 SF

      Residential Style Office Buildings For Rent

      Two residential style office buildings for rent near Hwy 70.
      6555 Stage Rd, Memphis, TN 38134
      View Details
    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.
    2989 Elmore Park Rd
    Bartlett, TN 38134-8309
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.