Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    3030 Covington Pike Memphis, TN 38128

    Property Lookup

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

    3030 Covington Pike Memphis, TN 38128

    View on Map
    • Medical Office Space
    • 20,252 SF
    • 1.64 lot acres
    For Lease
    $1,590,000
    View Listing →
    Office Property in Mixed-Use Area For Lease
    $1,590,000

    Office Property in Mixed-Use Area

    Office property in high-traffic area near national tenants.

    3030 Covington Pike, Memphis, TN 38128
    View Listing
    Property ID
    US80-3428507
    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.
    Value Estimations
    $1,590,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dove Family Dentistry - Covington Pike / Dental Office
    • Dr. Joseph F. Dove, DDS / Dental Office
    • Clinica Camellia / Medical Clinic
    • Wojcik Richard P CPA / Accounting Firm / Tax Preparation
    • Drewry Jimmie D / Law Firm / Insurance Agency

    Property Details for 3030 Covington Pike

    Year built
    1974
    Lot size
    1.64 lot acres
    Property size
    20,252 SF
    Zone code
    CMU-2
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    087-051- - -00109
    APU
    8705100109

    Description

    Covington Commons - Medicos Center offers exceptional office space in a thriving Shelby County location. This Class C, two-story building totaling 20,000 square feet underwent renovations in 2018. Currently, 5,810 square feet of space is available, divisible into units as small as 310 square feet, with a maximum contiguous space of 3,880 square feet. The building features multiple tenancies and convenient elevator access. Its strategic location at a high-traffic intersection near Stage Cross Street places it amidst a vibrant mixed-use area. Benefit from the synergy of neighboring national tenants, including Home Depot, Burlington, and Walgreens, along with a variety of medical facilities, pharmacies, and restaurants. This property presents a unique opportunity for businesses seeking flexible, well-located office space in a bustling commercial environment. The building's modern amenities and prime location make it an ideal choice for medical practices, executive offices, or other professional businesses. The minimum leasable space is 310 square feet, offering flexibility for businesses of various sizes.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,490,000
      ML approach
      $1,460,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,240,000
      Market price range: $1.17M - $4.28M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,415,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8936
    Latitude
    35.2086
    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
    $24,064
    $107,880
    $287,160
    $395,040
    -
    $269,700
    $717,900
    $987,600

    Comparable in this City

    • Value Estimation by Request
      4,289 SF

      3876 New Covington Pike

      MEDICAL BUILDING • 4,289 SF
      3876 New Covington Pike, Memphis, TN 38128-2512
      View Details
    • Value Estimation
      $4,215,000
      40,030 SF

      3980 New Covington Pike

      MEDICAL BUILDING • 40,030 SF
      3980 New Covington Pike, Memphis, TN 38128-2500
      View Details
    • Value Estimation by Request
      2,438 SF

      4395 Stage Rd

      MEDICAL BUILDING • 2,438 SF
      4395 Stage Rd, Memphis, TN 38128-5708
      View Details
    • Value Estimation by Request
      1,748 SF

      3594 Covington Pike

      MEDICAL BUILDING • 1,748 SF
      3594 Covington Pike, Memphis, TN 38128-3926
      View Details
    • Value Estimation
      $2,710,000
      81,440 SF

      3950 New Covington Pike

      MEDICAL BUILDING • 81,440 SF
      3950 New Covington Pike, Memphis, TN 38128-2591
      View Details
    • Value Estimation by Request
      3,223 SF

      4387 Stage Rd

      MEDICAL BUILDING • 3,223 SF
      4387 Stage Rd, Memphis, TN 38128-5708
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,224 SF

      Memphis Dental Practice For Sale

      Established dental practice with a new long-term lease.
      4283 Raleigh Millington Rd, Memphis, TN 38128
      View Details
    • $900,000
      11,122 SF

      Memphis Retail Building with Drive-Thru

      11,122 SF retail building on 1.84 acres with drive-thru.
      3500 Ramill Rd, Memphis, TN 38128
      View Details
    • $375,000

      Memphis Office Building For Sale

      Office building with over 4800 square feet available.
      4359 Stage Ave, Memphis, TN 38128
      View Details
    • $225,000

      Memphis Commercial Property on Raleigh-Millington

      3,000 SF commercial building suitable for various business types.
      4015 Raleigh-Millington, Memphis, TN 38128
      View Details
    • Contact for pricing

      Office Building For Sale

      Office building available for purchase in Memphis, Tennessee.
      4913 Raleigh Common Dr, Memphis, TN 38128
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr

      Medical Office Space For Lease

      1,662 SF medical office space available for lease.
      4913 Raleigh Common Dr, Memphis, TN 38128
      View Details
    • Contact for pricing

      High Traffic Retail Center Space

      Retail space in high-traffic area near major retailers.
      3024 Covington Pike, Memphis, TN 38128
      View Details
    • Contact for pricing

      Office Property in Mixed-Use Area

      Office property in high-traffic area near national tenants.
      3030 Covington Pike, Memphis, TN 38128
      View Details
    • $12 SF/Yr
      1,091 SF

      Office and Flex Space Available

      Office, flex, and warehouse spaces for rent in Memphis.
      2175 Elmore Rd, Memphis, TN 38128
      View Details
    • Contact for pricing

      Covington Springs Retail Suites Available

      Neighborhood shopping center with multiple suites for rent.
      3830-3854 Austin Peay Hwy, Memphis, TN 38128
      View Details
    View Listing
    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.
    3030 Covington Pike
    Memphis, TN 38128
    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

    Thank You for Inquiry

    3030 Covington Pike, Memphis, TN, 38128

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!