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Property profile & analytics
FOR LEASE
Strip malls
3150 Thomas St, Memphis, TN 38127
Entity Owned
16-yr Hold
Free & Clear
Property ID
US80-0603346
For Lease
$6 SF/Yr
3150 Thomas St, Memphis, TN 38127
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Property summary
AI-generated overview
Northgate Shopping Center, located at 3150 Thomas St, Memphis, TN 38127, presents a compelling retail investment opportunity. This Class B shopping center, totaling 153,466 square feet, offers multiple tenancy options across four buildings. Built in 1963 and renovated in 2014, the property boasts excellent visibility and accessibility, situated on a high-traffic road with convenient access at a traffic signal. Available spaces range from a minimum of 755 square feet to a maximum contiguous space of 17,065 square feet, providing flexibility for a variety of retail businesses. The center benefits from a strong tenant mix, including established businesses such as Gordin's Butcher Shoppe, AutoZone, Subway, and Bestway Rent to Own, alongside other local businesses like a nail salon, beauty supply store, and an eye doctor. The property is located in Shelby County, near the intersection of Thomas Street and Whitney Street. This well-established shopping center offers a unique opportunity to capitalize on a prime Memphis location with a diverse and successful tenant base.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1955
Total area
36,318 SF
Lot
17.36 ac (756,419 SF)
Zoning code
CMU-2
APN
069-032- - -00026
UPID
US80-0603346
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$951k
Blend (final)
Blend
$1.04M
Owner & transaction history
Memphis Northgate Commons LLC · 16 yrs held
Memphis Northgate Commons LLC
since 2010
1 recorded transaction
Zoning & alternative use
CMU-2 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Memphis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Memphis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.04M
Range $936k – $1.14M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$29 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$24,581
Tax year 2022
Assessed value
$403,520
Assessed 2023
Previous assessed
$403,520
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$378,200
Assessed improvement
$25,320
Land market value
$945,500
Improvement market value
$63,300
Total market value
$1,008,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
1955
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
3
Stories
1
Total area
36,318 SF
Lot
17.36 ac (756,419 SF)
Zoning code
CMU-2
APN
069-032- - -00026
UPID
US80-0603346
Jurisdiction
SHELBY
Zoning & alternative use
CMU-2 · Memphis, TN
Zoning CMU-2 · permitted uses
CMU-2 · Memphis, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Memphis. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1955
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
3
Lot
17.36 ac
Current owner
From public records · entity-resolved
Memphis Northgate Commons LLC
Entity
Free & Clear · 16 yrs held
Mailing address
PO BOX 1509, COLLIERVILLE, TN 38027-1509
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 10, 2010
$1,116,000
Memphis Northgate Commons LLC
Union Realty Co Gp
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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