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

    3219 Park Ave Memphis, TN 38111-3045

    • Office buildings
    • 1,427 SF
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    8.7%
    Office buildings
    Location Intelligence
    Property ID
    US80-1351709
    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 3219 Park Ave

    Year built
    1937
    Construction
    FRAME
    Lot size
    0.21 lot acres
    Property size
    1,427 SF
    Zone code
    OG
    Property type
    Office buildings
    APN
    059-072- - -00006
    APU
    5907200006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $390,000
      6.5%
      $360,000
      7%
      $335,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $163,000
      Market price range: $90.1k - $276k
      AI Estimate
      $186,000
      Market price range: $96.6k - $269k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $170,000
      Current use
      MEDICAL BUILDING
      $205,000
      Change: +20% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9552
    Latitude
    35.1074
    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
    $1,732
    $7,280
    $21,160
    $28,440
    -
    $18,200
    $52,900
    $71,100

    Comparable in this City

    • Value Estimation
      $325,000
      1,420 SF

      3192 Park Ave

      OFFICE BUILDING • 1,420 SF
      3192 Park Ave, Memphis, TN 38111-3046
      View Details
    • Value Estimation
      $210,000
      1,930 SF

      3229 Park Ave

      OFFICE BUILDING • 1,930 SF
      3229 Park Ave, Memphis, TN 38111-3045
      View Details
    • Value Estimation
      $255,000
      975 SF

      3200 Park Ave

      OFFICE BUILDING • 975 SF
      3200 Park Ave, Memphis, TN 38111-3046
      View Details
    • Value Estimation
      $265,000
      1,028 SF

      3170 Park Ave

      OFFICE BUILDING • 1,028 SF
      3170 Park Ave, Memphis, TN 38111-3003
      View Details
    • Value Estimation
      $275,000
      1,846 SF

      317 Highland St

      OFFICE BUILDING • 1,846 SF
      317 Highland St, Memphis, TN 38111
      View Details
    • Value Estimation by Request
      2,506 SF

      3028 Carnes Ave

      OFFICE BUILDING • 2,506 SF
      3028 Carnes Ave, Memphis, TN 38111-2243
      View Details

    Similar Nearby for Sale

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      Renovated Office Building, Memphis

      Fully renovated office building in East Memphis-Colonial-Yorkshire area.
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    • $95,000
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      East Memphis Commercial Building Opportunity

      Commercial building in East Memphis near the University of Memphis.
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    • $3,254,896
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      Retail Property on Getwell Road

      Retail property available for sale on Getwell Rd, Memphis.
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    • Contact for pricing

      Land Near Industrial Park

      Corner lot suitable for fuel center or convenience store.
      Prescott St, Memphis, TN 38111
      View Details
    • $35,000
      0.44 Acres

      Cleared Land Ready For Construction

      Cleared land suitable for construction in a high-potential area.
      3131 Barron Ave, Memphis, TN 38111
      View Details
    • Contact for pricing

      Land For Sale Memphis

      Commercial land available in Memphis, Tennessee, 38111.
      3524 Park Ave, Memphis, TN 38111
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,576 SF

      Modern Office Building For Rent

      Recently renovated office building with premium finishes and flexible workspaces.
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    • $22 SF/Yr
      300 SF

      Versatile Office Suite For Rent

      Adaptable suite suitable for various businesses.
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      View Details
    • Contact for pricing
      7,420 SF

      Poplar Ave Creative Office Space

      Memphis Office, Medical Space Available
      2847 Poplar Ave, Memphis, TN 38111
      View Details
    • $10 SF/Yr
      15,000 SF

      Prime Memphis Retail Space

      University area, 6,000 SF available
      0 Minor Rd, Memphis, TN 38111
      View Details
    • Contact for pricing
      1,000 SF

      Retail Center Near University of Memphis

      Retail space available in a high-traffic Memphis location.
      1211-1233 Getwell Rd, Memphis, TN 38111
      View Details
    • Contact for pricing
      2,760 SF

      Retail Space Near University Campus

      Retail property with high visibility near the University of Memphis.
      3905-3951 Park Ave, Memphis, TN 38111
      View Details
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    3219 Park Ave
    Memphis, TN 38111-3045
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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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