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    3595 Steele St Memphis, TN 38127-5300
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    3595 Steele St Memphis, TN 38127-5300

    View on Map
    • Apartment buildings
    • 44,688 SF
    • 10.46 lot acres
    Off-Market
    Property ID
    US80-1680036
    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.
    Value Estimations
    $3,390,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Corning Village / Apartment Complex / Apartment Building

    Property Details for 3595 Steele St

    Year built
    1975
    Lot size
    10.46 lot acres
    Property size
    44,688 SF
    Zone code
    RU-3
    Property type
    Apartment buildings
    APN
    070-001- - -00003
    APU
    7000100003

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,670,000
      Market price range: $644k - $3.66M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,975,000
      Current use
      OFFICE BUILDING
      $5,330,000
      Change: +34% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $4,330,000
      Change: +9% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,280,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -90.016
    Latitude
    35.224
    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
    $78,197
    $246,040
    $1,037,640
    $1,283,680
    -
    $615,100
    $2,594,100
    $3,209,200

    Comparable in this City

    • Value Estimation
      $1,215,000
      18,360 SF

      2601 Watkins St

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      2601 Watkins St, Memphis, TN 38127-8554
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    • Value Estimation
      $1,380,000
      20,880 SF

      1764 Gowan Dr

      APARTMENT HOUSE (5+ UNITS) • 20,880 SF
      1764 Gowan Dr, Memphis, TN 38127-5547
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    • Value Estimation
      $2,550,000
      71,808 SF

      1105 Frayser Blvd

      APARTMENT HOUSE (5+ UNITS) • 71,808 SF
      1105 Frayser Blvd, Memphis, TN 38127-6141
      View Details
    • Value Estimation by Request
      7,396 SF

      1695 Ontario Ave

      APARTMENT HOUSE (5+ UNITS) • 7,396 SF
      1695 Ontario Ave, Memphis, TN 38127-8637
      View Details
    • Value Estimation
      $985,000
      39,168 SF

      1161 Frayser Blvd

      APARTMENT HOUSE (5+ UNITS) • 39,168 SF
      1161 Frayser Blvd, Memphis, TN 38127-6140
      View Details
    • Value Estimation
      $685,000
      10,200 SF

      4220 Overton Xing St

      APARTMENT HOUSE (5+ UNITS) • 10,200 SF
      4220 Overton Xing St, Memphis, TN 38127
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Renovated 25-Unit Apartment Complex

      Completely renovated apartment complex near new community developments.
      1707 Ontario Ave, Memphis, TN 38127
      View Details
    • $135,000
      1,634 SF

      Tenant-Occupied Brick Duplex For Sale

      Brick duplex, fully tenant occupied, ideal for rental portfolio.
      3793 Helen Ann Dr, Memphis, TN 38127
      View Details
    • $450,000
      1 SF

      1.6 AC Commercial Land Available

      1.6 AC of land for sale, CMU-2 Zoning.
      Frayser Blvd, Memphis, TN 38127
      View Details
    • $70,000
      7.03 Acres

      Residential Land in Shelby County

      7.03 acres of residential land in Shelby County, Tennessee.
      Circle Ave N, Memphis, TN 38127
      View Details
    • Contact for pricing
      0.21 Acres

      Residential Lots Package Opportunity

      Package of residential lots for investors or builders.
      Glen Grn, Memphis, TN 38127
      View Details
    • Contact for pricing
      0.16 Acres

      Vacant Lot in Frayser Neighborhood

      0.16 acre vacant lot in up-and-coming Frayser neighborhood.
      2492 Smith Ridge Rd, Memphis, TN 38127
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Frayser Blvd Office Space Available

      Office space available for rent at Frayser Blvd corner.
      2094 Frayser Blvd, Memphis, TN 38127
      View Details
    • Contact for pricing
      800 SF

      Retail Spaces on Watkins Street

      Retail spaces available, excellent visibility, minutes from I-40/I-69.
      3257-3263 N Watkins St, Memphis, TN 38127
      View Details
    • Contact for pricing

      Frayser Boulevard Retail Space Available

      Retail space for lease in Memphis neighborhood center.
      2200 Frayser Blvd, Memphis, TN 38127
      View Details
    • Contact for pricing
      2,913 SF

      Frayser Blvd Office Space Available

      Office space for rent at Frayser Blvd and Overton.
      2094 Frayser Blvd, Memphis, TN 38127
      View Details
    • Contact for pricing
      5,777 SF

      Retail Spaces in High-Traffic Area

      Retail spaces available near Nike and Amazon distribution centers.
      2570-2590 Frayser Blvd, Memphis, TN 38127
      View Details
    • Contact for pricing

      Frayser Trade Area Parcel

      0.79 acre parcel in Frayser Trade Area.
      N Hollywood St, Memphis, TN 38127
      View Details
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    3595 Steele St
    Memphis, TN 38127-5300
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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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