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    3960 New Covington Pike Memphis, TN 38128-2504
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    Property profile & analytics

    3960 New Covington Pike Memphis, TN 38128-2504

    View on Map
    • Hospitals
    • 15.00 lot acres
    Off-Market
    Property ID
    US80-0914658
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Parking Area for Board Meeting at Methodist North / Hospital
    • Methodist North Hospital: Deaton Justin G MD / Physician
    • Methodist North Hospital: Bilal Satti MD / Physician
    • Methodist North Hospital: Nichols James W MD / Physician
    • Oraedu Linda MD / Physician

    Property Details for 3960 New Covington Pike

    Lot size
    15.00 lot acres
    Zone code
    CMP-1
    Property type
    Hospitals
    APN
    087-004- - -00055
    APU
    8700400055

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8922
    Latitude
    35.234
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $1,909,200
    $0.00
    $1,909,200

    Comparable in this City

    • Value Estimation
      $8,365,000
      50,538 SF

      4100 Austin Peay Hwy

      HOSPITAL - PRIVATE • 50,538 SF
      4100 Austin Peay Hwy, Memphis, TN 38128-2502
      View Details
    • Value Estimation by Request
      2,564 SF

      4101 Tessland Rd

      HOMES (RETIRED, NURSING) • 2,564 SF
      4101 Tessland Rd, Memphis, TN 38128-2201
      View Details
    • Value Estimation by Request
      2,554 SF

      3250 Sandwick Rd

      HOMES (RETIRED, NURSING) • 2,554 SF
      3250 Sandwick Rd, Memphis, TN 38128-4154
      View Details
    • Value Estimation
      $1,045,000
      45,939 SF

      3815 Austin Peay Hwy

      HOMES (RETIRED, NURSING) • 45,939 SF
      3815 Austin Peay Hwy, Memphis, TN 38128-3775
      View Details
    • Value Estimation by Request
      3,223 SF

      4387 Stage Rd

      MEDICAL BUILDING • 3,223 SF
      4387 Stage Rd, Memphis, TN 38128-5708
      View Details
    • Value Estimation
      $1,145,000
      50,447 SF

      2779 Battle Crk Dr

      HOMES (RETIRED, NURSING) • 50,447 SF
      2779 Battle Crk Dr, Memphis, TN 38128-0934
      View Details

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      Valvoline NNN Ground Lease Opportunity

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      Memphis Religious Facility For Sale

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    • $600,000
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      Memphis Commercial Land - 30 Acres

      Prime Memphis development land, RU-3 zoning.
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    Similar Nearby for Lease

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      Covington Springs Retail Suites Available

      Neighborhood shopping center with multiple suites for rent.
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    • $17 SF/Yr

      Medical Office Space For Lease

      1,662 SF medical office space available for lease.
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      Retail Space with Restaurant Features

      Retail space with high traffic and former restaurant setups.
      2235 Covington Pike, Memphis, TN 38128
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      Commercial Land for Lease

      2.1 acres of divisible commercial land available for lease.
      5014 English Towne Dr, Memphis, TN 38128
      View Details
    • Contact for pricing
      2,072 SF

      Retail Space in Covington Springs

      Neighborhood shopping center near Walmart, Kroger, and Methodist North Hospital.
      3842-3850 Austin Peay Hwy, Memphis, TN 38128
      View Details
    • $12 SF/Yr
      1,091 SF

      Office and Flex Space Available

      Office, flex, and warehouse spaces for rent in Memphis.
      2175 Elmore Rd, Memphis, TN 38128
      View Details

    Property Visit Statistics

    • Visits by month
      19.9k
    • Visitors by month
      11.8k
    • Avg Time on site
      9 min
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    Memphis, TN 38128-2504
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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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    3960 New Covington Pike, Memphis, TN, 38128
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