3966 Park Ave, Memphis, TN 38111-7402
- Drive through restaurants
- 2,885 SF
- 0.65 lot acres
Current Use by Public Records
- Burger King / Restaurant
Property Details for 3966 Park Ave
- Year built
- 1992
- Lot size
- 0.65 lot acres
- Zone code
- CMU-1
- Property type
- Drive through restaurants
- APN
- 046-050- - -00030-C
- APU
- 04605000030C
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jan 16, 2025 | $1,795,000 | Linya Z Call | Jean D Marcucci | Special Warranty Deed | — |
| Oct 4, 2017 | $1,743,688 | Marcucci,jean D 2004 Trust | Mirabile Properties | Grant Deed | $765k · First Internet Bk/in |
| May 14, 2012 | — | Properties Mirabile | Mirabile Properties LLC | Quit Claim Deed · related | $1.3M · Commercial Bank & Trust |
| — | — | Miraabile Properties | — | Deed Of Trust · related | $3.3M · Union Planters National Bank |
| — | — | Properties Mirabile | — | Deed Of Trust · related | $3.3M · Regions Bank |
Description
This exceptional investment opportunity presents a freestanding, 2,267 square foot Burger King restaurant situated on a 0.65-acre lot in Memphis, Tennessee. The property boasts a prime location across from the University of Memphis Park Avenue Campus and near the main campus, benefiting from a large student population and significant foot traffic. Additional nearby businesses include Save-A-Lot, Checker's, dd's Discounts, and more, further enhancing the property's visibility and accessibility. The absolute net lease, commencing September 1, 2017, and expiring September 30, 2037, offers a substantial remaining term of 12.9 years, providing long-term stability and predictable cash flow. Rent increases of 10% every five years are built into the lease, ensuring consistent growth in rental income. The property's current annual net operating income (NOI) is $111,822, representing a 6.00% cap rate and a price per square foot of $822.10. The lease is backed by Restaurant Brands International, Inc., the parent company of Burger King, a globally recognized and financially stable corporation. The property is a single-story building with a drive-through window, catering to the convenience of customers. With a 100% occupancy rate since its opening, this investment offers a compelling combination of stability, growth potential, and passive income generation in a tax-advantaged state (Tennessee has no state income tax). The lease includes two five-year renewal options. This is an absolute NNN lease, minimizing the landlord's responsibilities. The property's strong tenant, favorable lease terms, and strategic location make it an attractive investment for discerning buyers seeking a secure and profitable addition to their portfolio.
Value Estimations
-
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
- -89.9305
- Latitude
- 35.1079
- CBSA code
- 32820
- CBSA name
- MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA
