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Property profile & analytics
OFF-MARKET Estimated value $2,370,000
Retail space

409 Main St Memphis, TN 38103-4225

34,969 SF 0.19 ac lot Built 1910
Entity Owned ~ Est. High Equity
Property ID
US80-3131845
Property summary
AI-generated overview

This exceptional 35,000 square foot, three-story building at 409 S Main St in Memphis, Tennessee, presents a unique investment opportunity. Originally constructed in 1910, this Class B retail property sits on a 0.195-acre lot and is currently vacant. The building boasts a rich history, previously housing the successful Lucky Cowboy bar and lounge. The basement, with its eclectic décor and furniture (available separately), once held 110 people and features restrooms. The first floor includes a brand-new, full commercial kitchen, perfect for restaurant use or venue expansion, along with multiple restrooms. The second floor offers a blank canvas for adaptable design and potential event space expansion. The third floor is a fully functioning wedding venue, comfortably accommodating 250 people (220 seated), complete with a caterer's kitchen, bridal suite, groom's suite, and attached restrooms. This turnkey operation generates revenue from scheduled venue rentals. The asking price is $3,500,000, translating to $100 per square foot. This property offers significant potential for a variety of uses and substantial returns. The building's prime location in downtown Memphis ensures high visibility and accessibility. This is a rare chance to acquire a historic property with significant existing infrastructure and immediate revenue potential.

Property profile
Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1910
Total area 34,969 SF
Lot 0.19 ac (8,494 SF)
Zoning code SM
APN 002-105- - -00003
UPID US80-3131845
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
  • wallflower memphis (Bike/Boat/Book/etc) Store Florist
  • Sweet Magnolia Gelato Co. Grocery & Convenience Store Specialty Food Shop
  • Delectables Catering Take-out & Catering Catering Service
  • Alcohol Intervention Specialists Counselor
  • Bass fishing pyramid Hotel & Motel
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$2.42M
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.72M
Blend (final) Blend
$2.37M
Owner & transaction history
N6i 409 LLC
N6i 409 LLC
since 2025
Last sale
$1.6M
7 recorded transactions
2025
$1.6M
2025
$1.8M
2023
Price N/A
2021
$2.9M
2021
Price N/A
2019
Price N/A
2016
Price N/A
Zoning & alternative use
SM · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building $3.6M +67.6%
Auto repair, garage $3.4M +59.7%
Apartment house (5+ units) $3.1M +46.5%
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