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Property profile & analytics
FOR SALE
Retail space

3502 Summer Ave Memphis, TN 38122

14,392 SF 1.88 ac lot Built 2003
Entity Owned 2-yr Hold ~ Est. High Equity
Property ID
US80-0813842
Property summary
AI-generated overview

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.

Property profile
Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 2003
Total area 14,392 SF
Lot 1.88 ac (81,936 SF)
Zoning code RU-1
APN 038-064- - -00001-C
UPID US80-0813842
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Amani P. Johnsonsinghbarnett, PHARMD Physician
  • Highland Square Shopping Center & Mall
  • Western Union Bank Credit Union
  • COVID-19 Drive-Thru Testing at Walgreens Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$1.70M
CAP Approach CAP
$2.21M
Comparable Approach Comparable
$1.70M
Blend (final) Blend
$1.70M
Owner & transaction history
3502 Summer Avenue LLC · 2 yrs held
3502 Summer Avenue LLC
since 2024
Last sale
$1.7M
2 recorded transactions
2024
$1.7M
2022
$1.3M
Zoning & alternative use
RU-1 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building $2.1M +90.2%
Auto repair, garage $1.4M +28.9%
Apartment house (5+ units) $1.3M +18.3%
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