3196 Austin Peay Hwy Memphis, TN 38128-4604
This exceptional 2,642-square-foot quick-service restaurant (QSR) presents a remarkable investment opportunity in Memphis, Tennessee. Located at 3196 Austin Peay Highway, this single-tenant property sits on a 1.17-acre lot (50,965 square feet) and boasts a highly desirable drive-thru. Built in 1974, the building features 38 parking spaces, ensuring ample customer convenience. The property benefits from exceptional visibility and accessibility, situated on a six-lane roadway with excellent ingress and egress, and prominent pylon signage. Daily traffic counts exceed 28,000 vehicles, further enhanced by its proximity to major retailers including Aldi, McDonald's, KFC, Little Caesars, Papa Johns, Checkers, and Krystal, contributing to a combined daily traffic count of over 37,000 vehicles. The property's strategic location offers direct frontage traffic of 27,903 AADT and easy access from Interstate 40. Zoned CMU-2, this property is available for lease under NNN terms, commencing March 1, 2025, at a rate of $21.54 per square foot annually. The property's tax rate is $4.88 per square foot. This location offers unparalleled exposure and potential for significant returns. The property's address is 3196 Austin Peay Hwy, Memphis, TN 38128, with the cross street being Coleman Rd. The APN is 08-5027-0-0022. This is a one-story building in the North Memphis submarket.
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Wendy's Restaurant Take-out & Catering
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Jr Fish & Chicken Restaurant
h. CMU-2 and CBD districts. Any convenience store with gas pumps or gas stations constructed in the CMU-2 and CBD districts after the effective date of this ordinance (ZTA 21 -2) or reactivated after one year of discontinuance or whose convenience store is reconstructed or relocated shall require the issuance of a Special Use Permit, except in situations whe…
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Tax year 2022Comparables
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Property description
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CMU-2 · Memphis, TNh. CMU-2 and CBD districts. Any convenience store with gas pumps or gas stations constructed in the CMU-2 and CBD districts after the effective date of this ordinance (ZTA 21 -2) or reactivated after one year of discontinuance or whose convenience store is reconstructed or relocated shall require the issuance of a Special Use Permit, except in situations where the requirements of Sub -Item 2.6.3J(2)(d)(ii) are met, in which case a Special Use Permit may be waived. Convenience stores with gas pumps and gas stations constructed in the CMU -2 and CBD districts prior to the effective date of this ordinance (ZTA 21 -2), may be otherwise expanded and modified under the provisions of this Code , but any reconstruction or relocation of a canopy shall be in compliance with Sub -Item 2.6.3J(2)(d)(i). In addition to the approval criteria articulated in Section 9.6.9, the Land Use Control Board and governing body shall also consider the proximity of the convenience store with gas pumps or gas station to both 1) other convenience stores with gas pumps and gas stations and 2) single-family residential zoning districts when reviewing an application for a Special Use Permit pursuant to this Item. i. Rope lighting subject to Paragraph 4.9.4A(10) is prohibited. 2. Fuel Canopies a. Fuel canopies may be located within the required front yard of a lot. With the exception of those canopies built pursuant to Sub -Item 2.6.3J(2)(d)(ii), t he canopy shall be located no closer than 10 feet to any side or rear property line or right -of-way. This Item shall not be construed to supers ede the landscaping and streetscape provisions of Article 4. b. The canopy shall not exceed a height of 20 feet. c. Canopy lighting shall not extend beyond the area beneath the canopy and all fixtures shall be recessed, including any fixture or lens. d. Architectural compatibility of fuel canopies i. Establishments permitted by right The canopy shall be either 1) architecturally and structurally integrated and architecturally compatible or 2) architecturally compatible with the design of the principal building by exhibiting one or more of the 2.6 Use Standards Article 2 Districts and Uses 2.6.3 Commercial Use Standards Memphis/Shelby County Unified Development Code 43 ZTA 24-2 following features, which shall be complementary to the principal building: roof pitch, architectural detailing, materials, and color scheme. Support columns for a fuel canopy shall be sheathed in the same masonry used on the principal building . Canopies built under this Sub -Item shall contain no signage .
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
