3502 Summer Ave Memphis, TN 38122
- Retail space
- 14,392 SF
- 1.88 lot acres
Current Use by Public Records
- Amani P. Johnsonsinghbarnett, PHARMD / Doctor
- Highland Square / Shopping Mall
- Western Union / Money Transfer Service / Money Order Service
- COVID-19 Drive-Thru Testing at Walgreens / Blood Testing Service
Property Details for 3502 Summer Ave
- Year built
- 2003
- Lot size
- 1.88 lot acres
- Property size
- 14,392 SF
- Zone code
- RU-1
- Property type
- Retail space
- APN
- 038-064- - -00001-C
- APU
- 03806400001C
Description
This exceptional 14,392 square foot retail property, formerly a Walgreens, is situated on a prominent 1.88-acre corner lot at 3502 Summer Avenue in Memphis, Tennessee. The building features a convenient drive-thru, a spacious open floor plan, and ample parking for 76 vehicles. Its strategic location at the hard corner of Summer and Highland Avenues benefits from high visibility and significant traffic volume, with 26,070 vehicles passing daily on Summer Avenue. The property presents a compelling investment opportunity in a growing area, further enhanced by ongoing city improvements to the streetscape. The asking price is $1,990,000, translating to $138.27 per square foot. This prime location and existing infrastructure make it ideal for a variety of retail uses. The Shelby County address offers easy access to major transportation routes and a thriving local community. This is a rare opportunity to acquire a well-positioned, sizable retail space in a dynamic Memphis market.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,700,000
- ML approach
- $1,700,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,395,000
- 6.5%
- $2,210,000
- 7%
- $2,050,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,699,000
- AI Estimate
- $1,390,000
Market price range: $440k - $1.70MMarket price range: $455k - $1.39M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,080,000 Current use
- MEDICAL BUILDING
- $2,060,000 Change: +90% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $1,395,000 Change: +29% Conversion: Difficult
- APARTMENT HOUSE (5+ UNITS)
- $1,280,000 Change: +18% Conversion: Difficult
- OFFICE BUILDING
- $1,275,000 Change: +18% Conversion: Easy
- NEIGHBORHOOD: SHOPPING CENTER
- $1,055,000 Change: -2% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Memphis
- County
- Shelby
- State
- Tennessee
- Longitude
- -89.944
- Latitude
- 35.1502
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
