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    Property profile & analytics

    3393 Summer Ave Memphis, TN 38122

    • Strip malls
    • 41,661 SF
    • 2.00 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Last Sale
    Jun 04, 2021
    $1,400,000
    Value Estimations
    $1,125,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1590024
    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

    • Riley Wrapz / Tobacco Shop
    • Lauren and Rice / Garbage Dump Service

    Property Details for 3393 Summer Ave

    Year built
    1925
    Lot size
    2.00 lot acres
    Property size
    41,661 SF
    Zone code
    CMU-3
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    044-040- - -00001-C
    APU
    04404000001C

    Description

    This exceptional retail property, located at the highly trafficked intersection of Summer and National Avenues in Memphis, Tennessee's Highland Heights neighborhood, offers two available spaces totaling 33,384 square feet. The spaces individually range from 1,700 to 1,889 square feet, perfect for a variety of retail, restaurant, or salon businesses. Boasting excellent visibility thanks to large storefront windows, the property benefits from a signalized corner, ensuring ample time for drivers to notice your business. With over 26,000 vehicles passing daily (according to a 2018 TDOT report), this location guarantees high foot traffic and exposure. Convenient public transportation is readily available, with a MATA bus stop directly in front of the building, and Sam Cooper Boulevard is just a mile away, providing easy access to the entire Memphis metro area. Ample parking is provided in the recently repaved parking lot behind the building, offering over 100 spaces. The property's strategic location is further enhanced by its proximity to essential services, including a fire department across the street and the Highland Heights post office nearby. Currently undergoing a significant renovation, this property presents a unique opportunity to establish your business in a prime, high-visibility location with excellent accessibility and ample parking. The property is located in Shelby County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,125,000
      ML approach
      $945,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,329,000
      Market price range: $1.33M - $5.54M
      AI Estimate
      $864,000
      Market price range: $865k - $2.17M

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9471
    Latitude
    35.149
    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
    $19,820
    $140,760
    $184,600
    $325,360
    -
    $351,900
    $461,500
    $813,400

    Comparable in this City

    • Value Estimation
      $170,000
      8,089 SF

      854 Vaughn Rd

      SHOPPING CENTER, STRIP CENTER • 8,089 SF
      854 Vaughn Rd, Memphis, TN 38122-2567
      View Details
    • Value Estimation
      $2,970,000
      101,033 SF

      5124 Summer Ave

      SHOPPING CENTER, STRIP CENTER • 101,033 SF
      5124 Summer Ave, Memphis, TN 38122-4426
      View Details
    • Value Estimation
      $245,000
      11,652 SF

      3441 Jackson Ave

      SHOPPING CENTER, STRIP CENTER • 11,652 SF
      3441 Jackson Ave, Memphis, TN 38122-1138
      View Details
    • Value Estimation
      $240,000
      14,488 SF

      3658 Macon Rd

      SHOPPING CENTER, STRIP CENTER • 14,488 SF
      3658 Macon Rd, Memphis, TN 38122-2215
      View Details
    • Value Estimation
      $235,000
      7,812 SF

      3380 Summer Ave

      SHOPPING CENTER, STRIP CENTER • 7,812 SF
      3380 Summer Ave, Memphis, TN 38122
      View Details
    • Value Estimation
      $210,000
      3,218 SF

      3670 Summer Ave

      SHOPPING CENTER, STRIP CENTER • 3,218 SF
      3670 Summer Ave, Memphis, TN 38122-3740
      View Details

    Similar Nearby for Sale

    • $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
    • 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
    • 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
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    • $220,000

      Memphis Commercial Property For Sale

      Commercial property in Memphis, TN, suitable for various business uses.
      714 N White Station Rd, Memphis, TN 38122
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    • $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
      2,714 SF

      Summer Ave Restaurant - Memphis

      Prime East Memphis Restaurant, High Traffic Area
      3717 Summer Ave, Memphis, TN 38122
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      7,000 SF

      Retail Space For Lease

      Retail property for lease at a high-traffic intersection.
      3393 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
    • $7 SF/Yr
      81,247 SF

      Summer Center Commons Retail Space

      Memphis Retail Center: 32,085 SF Available
      4220 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      2,708 SF

      Retail Space on Summer Avenue

      Retail space available in Summer Commons shopping center.
      5124 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      19,400 SF

      Retail Space at Interstate Interchange

      Retail space available at a high-traffic interstate interchange.
      5232-5264 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      140,000 SF

      Retail Space in Perimeter Center

      Retail opportunity at I-240 and I-40 interchange facing Summer Avenue.
      5280 Summer Ave, Memphis, TN 38122
      View Details
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    3393 Summer Ave
    Memphis, TN 38122
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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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