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Property profile & analytics
OFF-MARKET
Estimated value
$760,000
Strip malls
405 Cleveland St Memphis, TN 38104-7010
Trust Owned
1-yr Hold
Free & Clear
Property ID
US80-3550593
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1946
Total area
8,322 SF
Lot
0.24 ac (10,367 SF)
Zoning code
CMU-3
APN
020-018- - -00020
UPID
US80-3550593
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
-
Black Lodge Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$760k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$707k
Blend (final)
Blend
$760k
Owner & transaction history
Assefa Gebremichae Revocable Trust · 1 yrs held
Assefa Gebremichae Revocable Trust
since 2024
Last sale
$760,000
7 recorded transactions
Zoning & alternative use
CMU-3 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.2M
+94.9%
Retail stores
$1.0M
+64.0%
Office building
$940,000
+54.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Memphis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Memphis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$760,000
ML approach
$760,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$610,000
Current use
MEDICAL BUILDING
$1,190,000
Change: +95% · Conversion: Difficult
RETAIL STORES
$1,000,000
Change: +64% · Conversion: Easy
OFFICE BUILDING
$940,000
Change: +54% · Conversion: Moderate
AUTO REPAIR, GARAGE
$805,000
Change: +32% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$725,000
Change: +19% · Conversion: Difficult
COMMERCIAL (GENERAL)
$505,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$760k
Range $684k – $836k · ±10% · vs last sale $760k (Oct 24 2024)
Last sale anchor
$760k
Oct 24 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$91 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$18,489
Tax year 2022
Assessed value
$303,520
Assessed 2023
Previous assessed
$303,520
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$23,840
Assessed improvement
$279,680
Land market value
$59,600
Improvement market value
$699,200
Total market value
$758,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1946
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
8,322 SF
Lot
0.24 ac (10,367 SF)
Zoning code
CMU-3
APN
020-018- - -00020
UPID
US80-3550593
Jurisdiction
SHELBY
Zoning & alternative use
CMU-3 · Memphis, TN
Zoning CMU-3 · permitted uses
CMU-3 · Memphis, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Memphis. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$610,000
MEDICAL BUILDING
Est. value
$1.2M
RETAIL STORES
Est. value
$1.0M
OFFICE BUILDING
Est. value
$940,000
AUTO REPAIR, GARAGE
Est. value
$805,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$725,000
COMMERCIAL (GENERAL)
Est. value
$505,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
RETAIL STORES
OFFICE BUILDING
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1946
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
Assefa Gebremichae Revocable Trust
Trust
Free & Clear · 1 yrs held
Mailing address
6553 COTTINGHAM PL, MEMPHIS, TN 38120-3200
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 24, 2024
—
Assefa Gebremichae Revocable Trust
Kirama Investment Group
Quitclaim Deed
related
—
Oct 10, 2022
—
Kirama Investment Group LLC
—
Deed
related
$2,728,597 · The Bank Of Holly Spring
Mar 11, 2020
$760,000
Kirama Investment Group LLC
Eleftherija LLC
Warranty Deed
$617,742 · Bank Of Holly Springs
Dec 22, 2016
—
Eleftheria LLC
Skefos,james J
Quit Claim Deed
related
$1,400,000 · Kirkland Fin'l
Dec 28, 2015
—
James J Skefos
—
Trustees Deed
related
$30,000 · Jerry Couloubaritsis
Jun 10, 2013
$40,000
James J Skefos
Krog Gregory C JR
Trustees Deed
—
Feb 6, 2006
$400,000
Shane Trice
Skefos,james J
Warranty Deed
$390,000 · James J Skefos
—
—
Shane Trice
—
Deed Of Trust
related
$390,000 · James J Skefos
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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