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Property profile & analytics
OFF-MARKET
Estimated value
$1,400,000
Office buildings
409 2nd St, Memphis, TN 38103-4326
Individually Owned
13-yr Hold
Free & Clear
Property ID
US80-0101014
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1930
Total area
14,537 SF
Lot
0.22 ac (9,670 SF)
Zoning code
SM
APN
002-133- - -00001
UPID
US80-0101014
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
-
Beth Cocke Law Firm Law Firm
-
Memphis Online Vape & CBD Supply (Bike/Boat/Book/etc) Store Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.48M
Blend (final)
Blend
$1.40M
Owner & transaction history
Civil Rights Museum F Lorraine · 13 yrs held
Civil Rights Museum F Lorraine
since 2012
5 recorded transactions
Zoning & alternative use
SM · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$2.1M
+40.6%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,480,000
Current use
MEDICAL BUILDING
$2,080,000
Change: +41% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,410,000
Change: -5% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,295,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$1.40M
Range $1.26M – $1.54M · ±10%
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
$96 / 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
Land market value
$148,400
Improvement market value
$950,900
Total market value
$1,099,300
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1930
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
14,537 SF
Lot
0.22 ac (9,670 SF)
Zoning code
SM
APN
002-133- - -00001
UPID
US80-0101014
Jurisdiction
SHELBY
Zoning & alternative use
SM · Memphis, TN
Zoning SM · permitted uses
SM · 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
OFFICE BUILDING Current
Est. value
$1.5M
MEDICAL BUILDING
Est. value
$2.1M
AUTO REPAIR, GARAGE
Est. value
$1.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.3M
OFFICE BUILDING Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
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
1930
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
0.22 ac
Current owner
From public records · entity-resolved
Civil Rights Museum F Lorraine
Individual
Free & Clear · 13 yrs held
Mailing address
450 MULBERRY ST, MEMPHIS, TN 38103-4214
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 3, 2012
—
Civil Rights Museum F Lorraine
J R Hyde III Family Foundation
Quit Claim Deed
related
—
Jan 20, 2010
$590,000
JR Hyde III Family Foundation
Cocke,margaret E
Warranty Deed
—
Sep 2, 2005
—
Margaret E Cocke
—
Trustees Deed
related
$50,000 · Trust One Bank
Sep 30, 2004
$280,000
Margaret E Cocke
Fourth & Gayoso LLC
Warranty Deed
$310,000 · Trust One Bank
Sep 13, 2000
$170,000
Fouth & Gayoso LLC
Montague,jim P
Grant Deed
—
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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