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    3120 Lamar Ave Memphis, TN 38114
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    Property profile & analytics

    3120 Lamar Ave Memphis, TN 38114

    View on Map
    • Outlet malls
    • 216,908 SF
    • 21.06 lot acres
    For Sale
    $1,950,000
    View Listing →
    16.9 Acres with Two Buildings For Sale
    $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
    View Listing
    Property ID
    US80-1258219
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Outlet malls

    Property Details for 3120 Lamar Ave

    Year built
    1972
    Lot size
    21.06 lot acres
    Property size
    216,908 SF
    Zone code
    CMU-3
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    059-037- - -00146
    APU
    5903700146

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,012,000
      Market price range: $8.01M - $30.8M

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9576
    Latitude
    35.0842
    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
    $7,939
    $93,800
    $36,520
    $130,320
    -
    $234,500
    $91,300
    $325,800

    Comparable in this City

    • Value Estimation
      $1,500,000
      20,631 SF

      2255 Lamar Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 20,631 SF
      2255 Lamar Ave, Memphis, TN 38114-6609
      View Details
    • 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
      $5,160,000
      31,000 SF

      2987 Lamar Ave

      SHOPPING CENTER, STRIP CENTER • 31,000 SF
      2987 Lamar Ave, Memphis, TN 38114-5650
      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

    Similar Nearby for Sale

    • $750,000
      16,706 SF

      Former Grocery Store on Lamar

      16,706+/- SF former grocery store on 2.5+/- acres.
      2877 Lamar Ave, Memphis, TN 38114
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      Retail Property on Park Avenue

      Retail property for sale in Memphis, Tennessee.
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    • $699,000
      7,868 SF

      Memphis Commercial Space on Lamar

      High-traffic commercial space suitable for restaurant, retail, or entertainment.
      2802 Lamar Ave, Memphis, TN 38114
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    • Contact for pricing
      9,369 SF

      Freestanding Building on Airways Boulevard

      9,369 SF building on 1.26 acres, built in 2012.
      2360 Airways Blvd, Memphis, TN 38114
      View Details
    • Contact for pricing
      24,806 SF

      Retail Space in Memphis, TN

      24,806 SF building ideal for retail investment.
      2985-2989 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing
      6,440 SF

      Memphis Commercial Property for Sale

      Commercial property in Memphis, TN, totaling 6,440 square feet.
      2240 Deadrick Ave, Memphis, TN 38114
      View Details

    Similar Nearby for Lease

    • 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
      1,200 SF

      Retail Spaces on Lamar Avenue

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

      Retail Space on Signalized Corner

      2,400 SF retail space available for lease.
      2320 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing

      Lamar Avenue Retail Spaces Available

      Retail spaces available for lease on Lamar Avenue.
      2983-2995 Lamar Ave, Memphis, TN 38114
      View Details
    • Contact for pricing

      Commercial Space For Lease

      Commercial space available for lease in Memphis, Tennessee.
      2383-2391 Lamar Ave, Memphis, TN 38114
      View Details
    View Listing
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    Memphis, TN 38114
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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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