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    Property profile & analytics

    3362 Summer Ave Memphis, TN 38122-5135

    • Grocery and convenience stores
    • 23,653 SF
    • 1.93 lot acres
    OFF-MARKET
    Last Sale
    Sep 03, 2021
    $900,000
    Value Estimations
    $915,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1916797
    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

    • Furniture Central / Furniture & Home Goods / Home Decor Store

    Property Details for 3362 Summer Ave

    Year built
    1950
    Lot size
    1.93 lot acres
    Property size
    23,653 SF
    Zone code
    CMU-3
    Property type
    Grocery and convenience stores
    APN
    038-036- - -00022-C
    APU
    03803600022C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $725,000
      ML approach
      $825,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,223,000
      Market price range: $748k - $2.29M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,430,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9492
    Latitude
    35.1499
    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
    $22,454
    $136,120
    $232,480
    $368,600
    -
    $340,300
    $581,200
    $921,500

    Comparable in this City

    • Value Estimation
      $1,495,000
      3,256 SF

      4286 Macon Rd

      CONVENIENCE STORE • 3,256 SF
      4286 Macon Rd, Memphis, TN 38122-4811
      View Details
    • Value Estimation
      $550,000
      3,876 SF

      3487 Summer Ave

      CONVENIENCE STORE • 3,876 SF
      3487 Summer Ave, Memphis, TN 38122-3609
      View Details
    • Value Estimation by Request
      3,617 SF

      1094 National St

      CONVENIENCE STORE • 3,617 SF
      1094 National St, Memphis, TN 38122-3228
      View Details
    • Value Estimation
      $565,000
      3,256 SF

      5158 Summer Ave

      CONVENIENCE STORE • 3,256 SF
      5158 Summer Ave, Memphis, TN 38122-4431
      View Details
    • Value Estimation by Request
      2,340 SF

      4465 Macon Rd

      CONVENIENCE STORE • 2,340 SF
      4465 Macon Rd, Memphis, TN 38122-2105
      View Details
    • Value Estimation by Request
      2,930 SF

      605 Perkins Rd

      CONVENIENCE STORE • 2,930 SF
      605 Perkins Rd, Memphis, TN 38122-4140
      View Details

    Similar Nearby for Sale

    • $350,000
      1,181 SF

      Summer Ave Storefront Opportunity

      Prime Memphis retail space, vacant, 1181 sq ft.
      4029 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      2,407 SF

      Retail Space on Summer Avenue

      Retail property surrounded by prominent retailers with high traffic counts.
      3717 Summer Ave, Memphis, TN 38122
      View Details
    • $1,990,000
      14,392 SF

      Former Walgreens Retail Space

      Memphis, TN: 14,392 SF, $1.99M
      3502 Summer Ave, Memphis, TN 38122
      View Details
    • $400,000

      Turnkey Memphis Commercial Building For Sale

      Established commercial building with equipment, inventory, and delivery vans included.
      3369 Macon Rd, Memphis, TN 38122
      View Details
    • Contact for pricing

      380,505 SF Retail Center

      Retail center with strong co-tenancy and highway visibility.
      5230 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing

      Restaurant and Retail Space Available

      Restaurant and retail property with existing infrastructure ready for business.
      3397 Summer Ave, Memphis, TN 38122
      View Details

    Similar Nearby for Lease

    • $145 SF/Yr

      Prime Commercial Space For Rent

      Exceptional leasing opportunity in a prominent, accessible location.
      3502 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing

      Retail Building with Drive-Thru

      Proposed retail building with drive-thru on Summer Avenue.
      4307 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      1,500 SF

      Retail/Office Space on Summer Avenue

      Retail and small office spaces available at high-traffic intersection.
      4000 Summer Ave, Memphis, TN 38122
      View Details
    • $14 SF/Yr
      1,700 SF

      Retail Space at Summer Avenue

      Retail space for lease at a high-traffic intersection.
      3393-3437 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      1,370 SF

      Retail Space on Summer Avenue

      Retail space with high visibility and access on Summer Avenue.
      4235 Summer Ave, Memphis, TN 38122
      View Details
    • $10 SF/Yr
      5,660 SF

      Memphis Retail & Industrial Space

      5,660 SF Available - Excellent Location
      4957 Summer Ave, Memphis, TN 38122
      View Details

    Property Visit Statistics

    • Visits by month
      4.7k
    • Visitors by month
      3.3k
    • Avg Time on site
      17 min
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    3362 Summer Ave
    Memphis, TN 38122-5135
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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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