3329 Austin Peay Hwy Memphis, TN 38128-3810

Property Details for 3329 Austin Peay Hwy

Year built

1972

Lot size

1.56 lot acres

Property size

22,630 SF

Zone code

CMU-2

Property type

Retail space

APN

085-016- - -00041

APU

8501600041

Description

This exceptional investment opportunity presents a 22,630 square foot, single-tenant net-leased retail property located at 3329 Austin Peay Hwy, Memphis, TN 38128. The property, a pharmacy/drug store, boasts a below-market rent of $76.71 per square foot, resulting in a strong 6.00% cap rate and a substantial NOI of $104,200. The 15-year lease, commencing April 1, 2021, and expiring March 31, 2036, offers a remaining term of 11.4 years, providing long-term stability and predictable cash flow. Rent increases of 10% every five years further enhance the investment's value. The tenant, backed by a corporate guarantee and a global presence of over 180 locations, ensures financial security. The property underwent a complete renovation in 2021, funded by the tenant, minimizing landlord responsibilities. Taxes, insurance, and CAM charges are the tenant's responsibility. Situated on a 1.56-acre lot, the property benefits from excellent visibility and accessibility, with proximity to I-40 (115,000+ vehicles per day) and Austin Peay Hwy (28,000+ vehicles per day). The surrounding area demonstrates strong demographics, with a population exceeding 161,000 within a 5-mile radius. The property's location across from a new $65 million civic center and near a thriving retail development featuring national brands adds significant value. The asking price is $1,736,000. This is a rare opportunity to acquire a high-performing, low-maintenance investment with significant upside potential.

Location Insight

City

Memphis

County

Shelby

State

Tennessee

Longitude

-89.9146

Latitude

35.2167

CBSA code

32820

CBSA name

MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments