Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3228 Jean Dr Memphis, TN 38118-2703

    • Office buildings
    • 1,388 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Dec 20, 2023
    $91,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0577823
    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

    • Friendship Mobile Mechanic Memphis / Auto Repair Shop

    Property Details for 3228 Jean Dr

    Year built
    1953
    Construction
    FRAME
    Lot size
    0.31 lot acres
    Property size
    1,388 SF
    Zone code
    EMP
    Property type
    Office buildings
    APN
    073-006- - -00031
    APU
    7300600031

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9473
    Latitude
    35.0607
    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
    $1,613
    $7,400
    $19,080
    $26,480
    -
    $18,500
    $47,700
    $66,200

    Comparable in this City

    • Value Estimation by Request
      775 SF

      3463 Knight Arnold Rd

      OFFICE BUILDING • 775 SF
      3463 Knight Arnold Rd, Memphis, TN 38118-2706
      View Details
    • Value Estimation by Request
      720 SF

      3227 Jean Dr

      OFFICE BUILDING • 720 SF
      3227 Jean Dr, Memphis, TN 38118-2704
      View Details
    • Value Estimation by Request
      4,800 SF

      2768 Colony Park Dr

      OFFICE BUILDING • 4,800 SF
      2768 Colony Park Dr, Memphis, TN 38118-2079
      View Details
    • Value Estimation
      $3,260,000
      21,980 SF

      2890 Democrat Rd

      OFFICE BUILDING • 21,980 SF
      2890 Democrat Rd, Memphis, TN 38118
      View Details
    • Value Estimation by Request
      1,434 SF

      5637 Lamar Ave

      OFFICE BUILDING • 1,434 SF
      5637 Lamar Ave, Memphis, TN 38118-7945
      View Details
    • Value Estimation by Request
      9,682 SF

      4280 Cherry Ctr Dr

      OFFICE BUILDING • 9,682 SF
      4280 Cherry Ctr Dr, Memphis, TN 38118-2987
      View Details

    Similar Nearby for Sale

    • $3,300,000
      82,000 SF

      82,000 SF Office Building

      82,000 SF office building for sale.
      3971 Knight Arnold Rd, Memphis, TN 38118
      View Details
    • $5,600,000
      33.17 Acres

      Memphis Industrial Campus: Redevelopment Opportunity

      33-Acre Campus, 3 Buildings, 1100+ Parking
      3796 Lamar Ave, Memphis, TN 38118
      View Details
    • $250,000
      3,600 SF

      Memphis Office Building - Redevelopment Opportunity

      Vacant Office Building, High Growth Potential
      3855 Perkins Rd, Memphis, TN 38118
      View Details
    • $500,000

      Versatile Commercial Property, Memphis

      Adaptable commercial building suitable for various business types.
      3614 S Perkins Rd, Memphis, TN 38118
      View Details
    • Contact for pricing
      330,910 SF

      Memphis Industrial Park: 330,910 SF

      Prime Memphis industrial space; renovated 2019.
      3527-3539 Lamar Ave, Memphis, TN 38118
      View Details
    • $450,000
      8,826 SF

      Prime Bank Building For Sale

      Commercial real estate investment opportunity in a great location.
      3920 Whitebrook Dr, Memphis, TN 38118
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      22,892 SF

      Memphis Office Leasing Opportunity

      Premier office space for rent in Memphis, Tennessee.
      3665 S Perkins Rd, Memphis, TN 38118
      View Details
    • Contact for pricing
      50,000 SF

      Multi-Tenant Office Space Available

      Class B office space with modern systems and amenities.
      2650 Thousand Oaks Blvd, Memphis, TN 38118
      View Details
    • Contact for pricing
      24,000 SF

      Memphis Industrial Space: 24,000 SF

      Versatile Memphis warehouse, office & distribution space.
      4040 Delp St, Memphis, TN 38118
      View Details
    • $4 SF/Yr
      50,000 SF

      Flexible Office Space in Memphis

      Premier property with modern amenities, ample parking, and customizable floorplans.
      2851 Lamb Pl, Memphis, TN 38118
      View Details
    • Contact for pricing
      94,500 SF

      Memphis Industrial/Office Space

      94,500 SF Multi-Use Property in Southeast Memphis
      4444 Delp St, Memphis, TN 38118
      View Details
    • $16 SF/Yr
      235,000 SF

      Memphis Airport Office Park

      Flexible Spaces, Prime Location, High Visibility
      0 Airport Business Park, Memphis, TN 38118
      View Details
    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.
    3228 Jean Dr
    Memphis, TN 38118-2703
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.