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

    340 Illinois Ave Memphis, TN 38106-1566

    • Hotels
    • 49,176 SF
    • 0.76 lot acres
    OFF-MARKET
    Last Sale
    Nov 18, 2022
    $4,000,000
    Value Estimations
    $3,180,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1140198
    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

    • Super 8 by Wyndham Memphis/Dwtn/Graceland Area / Hotel / Inn
    • AMTRAK / Travel Clinic
    • Quality Inn Tn-915 / Hotel
    • Quality Inn / Hotel

    Property Details for 340 Illinois Ave

    Year built
    1962
    Lot size
    0.76 lot acres
    Property size
    49,176 SF
    Zone code
    CMU-3
    Property type
    Hotels
    APN
    012-007- - -00006
    APU
    1200700006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,180,000
      ML approach
      $3,295,000

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $3,350,000
      Current use
      AUTO REPAIR, GARAGE
      $4,765,000
      Change: +42% Conversion: Difficult
      RETAIL STORES
      $4,080,000
      Change: +22% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,610,000
      Change: +8% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,375,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.0732
    Latitude
    35.1241
    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
    $23,416
    $8,040
    $376,360
    $384,400
    -
    $20,100
    $940,900
    $961,000

    Comparable in this City

    • Value Estimation by Request
      2,092 SF

      1950 Elvis Presley Blvd

      HOTEL/MOTEL • 2,092 SF
      1950 Elvis Presley Blvd, Memphis, TN 38106-6945
      View Details
    • Value Estimation
      $1,815,000
      12,735 SF

      2298 Elvis Presley Blvd

      HOTEL/MOTEL • 12,735 SF
      2298 Elvis Presley Blvd, Memphis, TN 38106
      View Details
    • Value Estimation
      $265,000
      10,176 SF

      1462 Elvis Presley Blvd

      HOTEL/MOTEL • 10,176 SF
      1462 Elvis Presley Blvd, Memphis, TN 38106-5911
      View Details
    • Value Estimation
      $240,000
      10,236 SF

      1922 Elvis Presley Blvd

      HOTEL/MOTEL • 10,236 SF
      1922 Elvis Presley Blvd, Memphis, TN 38106-6945
      View Details
    • Value Estimation
      $200,000
      7,767 SF

      1543 Elvis Presley Blvd

      HOTEL/MOTEL • 7,767 SF
      1543 Elvis Presley Blvd, Memphis, TN 38106-5912
      View Details
    • Value Estimation
      $165,000
      6,336 SF

      1188 Pkwy E Pkwy

      HOTEL/MOTEL • 6,336 SF
      1188 Pkwy E Pkwy, Memphis, TN 38106-4774
      View Details

    Similar Nearby for Sale

    • $86,400
      2.16 Acres

      Memphis Industrial Land - $86,400

      2.16-acre commercial/industrial lot. Prime Memphis location.
      1650 Latham St, Memphis, TN 38106
      View Details
    • $295,000

      Memphis Multi-Use Commercial Building

      Prime Location, High-Traffic, Event Center Potential
      1400 Elvis Presley Blvd Blvd, Memphis, TN 38106
      View Details
    • $375,000
      1,979 SF

      Retail Property Near Interstate

      2,300 SF retail property near Interstate, tenant in place.
      600 Parkway S, Memphis, TN 38106
      View Details
    • Contact for pricing
      0.10 Acres

      Residential Land in Quiet Neighborhood

      0.10-acre land parcel for residential development in Memphis, TN.
      120 Dover Ave, Memphis, TN 38106
      View Details
    • Contact for pricing
      0.09 Acres

      Residential Lot in Growing Area

      Residential lot suitable for building a dream home or investment property.
      1301 Englewood St, Memphis, TN 38106
      View Details
    • Contact for pricing
      0.18 Acres

      Vacant Land Ready for Development

      Cleared, level land in Memphis, TN, ready for development.
      1607 S Lauderdale St, Memphis, TN 38106
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      213,519 SF

      Memphis Industrial Space For Lease

      Industrial space in Memphis with flexible configurations and recent renovations.
      1709-1769 Latham St, Memphis, TN 38106
      View Details
    • Contact for pricing
      75,257 SF

      Memphis Industrial Distribution Center

      75,257 SF Single-Tenant Warehouse
      1887 Latham St, Memphis, TN 38106
      View Details
    • Contact for pricing
      109,955 SF

      Memphis Distribution Center

      109,955 SF Industrial Space Available
      2000 Latham St, Memphis, TN 38106
      View Details
    • $4 SF/Yr
      9,000 SF

      Memphis Warehouse - Huge Potential

      9,000 SF Warehouse, Prime Location
      147 Nebraska Ave, Memphis, TN 38106
      View Details
    • Contact for pricing
      52,512 SF

      Truck Terminal with 76 Doors

      Truck terminal with 76 doors, renovated in 2021-2022.
      1240 Louisiana St, Memphis, TN 38106
      View Details
    • Contact for pricing
      24,121 SF

      Latham Street Warehouse Space Available

      Warehouse spaces available at Latham Street, Memphis.
      1950-1980 Latham St, Memphis, TN 38106
      View Details

    Property Visit Statistics

    • Visits by month
      2.6k
    • Visitors by month
      341
    • Avg Time on site
      586 min
    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.
    340 Illinois Ave
    Memphis, TN 38106-1566
    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.