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    Property profile & analytics

    3608 Summer Ave Memphis, TN 38122-3740

    • Grocery and convenience stores
    • 1,602 SF
    • 0.35 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0059291
    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

    • bp / Car Wash
    • ATM (Summer BP) / Atm

    Property Details for 3608 Summer Ave

    Year built
    1955
    Lot size
    0.35 lot acres
    Property size
    1,602 SF
    Zone code
    CMU-3
    Property type
    Grocery and convenience stores
    APN
    038-065- - -00021
    APU
    3806500021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.9407
    Latitude
    35.1497
    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
    $5,073
    $25,720
    $57,560
    $83,280
    -
    $64,300
    $143,900
    $208,200

    Comparable in this City

    • Value Estimation by Request
      2,930 SF

      605 Perkins Rd

      CONVENIENCE STORE • 2,930 SF
      605 Perkins Rd, Memphis, TN 38122-4140
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      1,080 SF

      3975 Summer Ave

      CONVENIENCE STORE • 1,080 SF
      3975 Summer Ave, Memphis, TN 38122-5209
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    • Value Estimation by Request
      1,972 SF

      4650 Summer Ave

      CONVENIENCE STORE • 1,972 SF
      4650 Summer Ave, Memphis, TN 38122-4756
      View Details
    • Value Estimation
      $645,000
      5,383 SF

      1184 Covington Pike

      CONVENIENCE STORE • 5,383 SF
      1184 Covington Pike, Memphis, TN 38122-2922
      View Details
    • Value Estimation by Request
      2,104 SF

      872 Isabelle St

      CONVENIENCE STORE • 2,104 SF
      872 Isabelle St, Memphis, TN 38122-3509
      View Details
    • Value Estimation
      $500,000
      3,468 SF

      3541 Jackson Ave

      CONVENIENCE STORE • 3,468 SF
      3541 Jackson Ave, Memphis, TN 38122-1144
      View Details

    Similar Nearby for Sale

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      Summer Ave Storefront Opportunity

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    • $1,990,000
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      Retail Space on Summer Avenue

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      380,505 SF Retail Center

      Retail center with strong co-tenancy and highway visibility.
      5230 Summer Ave, Memphis, TN 38122
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      Restaurant and Retail Space Available

      Restaurant and retail property with existing infrastructure ready for business.
      3397 Summer Ave, Memphis, TN 38122
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    Similar Nearby for Lease

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      Retail Building with Drive-Thru

      Proposed retail building with drive-thru on Summer Avenue.
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    • $145 SF/Yr

      Prime Commercial Space For Rent

      Exceptional leasing opportunity in a prominent, accessible location.
      3502 Summer Ave, Memphis, TN 38122
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    • $14 SF/Yr
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      Retail Space at Summer Avenue

      Retail space for lease at a high-traffic intersection.
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      1,500 SF

      Retail/Office Space on Summer Avenue

      Retail and small office spaces available at high-traffic intersection.
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    • $10 SF/Yr
      5,660 SF

      Memphis Retail & Industrial Space

      5,660 SF Available - Excellent Location
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    • Contact for pricing
      20,000 SF

      20,000 SF Retail Space Available

      20,000 SF retail space with frontage on Summer Avenue.
      4988-5016 Summer Ave, Memphis, TN 38122
      View Details
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    3608 Summer Ave
    Memphis, TN 38122-3740
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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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