3294 Poplar Ave Memphis, TN 38111-4649
- Car washes
- 3,026 SF
- 0.88 lot acres
Current Use by Public Records
- Discount Pool Liner Replacement & Repairs / General Contractor
- Dr. Mahmood Ali, MD / Internist
- Zips Car Wash / Car Wash
- Medicine Clinics, PLLC / Medical Clinic
- Southwest Funding LP / Mortgage Lender
Property Details for 3294 Poplar Ave
- Year built
- 2022
- Lot size
- 0.88 lot acres
- Property size
- 3,026 SF
- Zone code
- CMU-1
- Property type
- Car washes
- APN
- 044-048- - -00018-C
- APU
- 04404800018C
Description
Exceptional investment opportunity: a fee-simple Zips Car Wash in Memphis, TN. This 3,041 square foot facility, built in 2021, sits on a 0.88-acre lot at 3294 Poplar Ave, 38111. The property boasts a strong 7.50% cap rate, generating a net operating income (NOI) of $280,915. Secured by a corporate guarantee, the NNN lease commenced September 1, 2022, and has a remaining term of 17.9 years, extending to September 30, 2042. Annual rent increases of 2.00% are built into the lease, providing consistent growth. Four five-year tenant renewal options exist, potentially extending the lease term to 40 years. The asking price is $3,745,534, translating to $1,231.68 per square foot. This property is eligible for 15-year accelerated depreciation and bonus depreciation, further enhancing its investment appeal. The tenant, Zips Car Wash, benefits from recent significant investment from Atlantic Street Capital, bolstering its financial stability and long-term prospects. This is a rare opportunity to acquire a high-performing, long-term leased asset in a prime Memphis location.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,600,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,880,000
- 6.5%
- $4,625,000
- 7%
- $4,875,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $4,605,000
- Geo Method
- $4,525,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $4,105,000
- Retail
- $5,235,000
- Mixed-Use
- $4,685,000
- Hospitality
- $4,055,000
- Educational
- $5,335,000
- Residential Income
- $4,635,000
- Energy
- $5,260,000
- Income-Based Land
- $5,240,000
- Food Service
- $5,300,000
Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.9521
- Latitude
- 35.1301
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
