Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4222 Hickory Hl Rd Memphis, TN 38141-6814

    • Retail space
    • 10,934 SF
    • 1.53 lot acres
    OFF-MARKET
    Last Sale
    Jun 11, 2025
    $1,592,857
    Value Estimations
    $1,530,000
    Show details
    Cap Rate Potential
    8.7%
    Retail space
    Location Intelligence
    Property ID
    US80-0664945
    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.

    Current Use by Public Records

    • Retail space

    Property Details for 4222 Hickory Hl Rd

    Year built
    2023
    Lot size
    1.53 lot acres
    Property size
    10,934 SF
    Zone code
    RU-3
    Property type
    Retail space
    APN
    093-406- -E-00010
    APU
    093406E00010

    Description

    This exceptional investment opportunity presents a fee-simple ownership interest in a brand-new, 10,640-square-foot Dollar General store located at 4222 Hickory Hill Rd, Memphis, TN 38141. Built in 2023, this Class A property boasts a 100% occupancy rate with a 14.2-year remaining lease term (expiring January 31, 2039), featuring three 5-year renewal options with 10% rent bumps each period. The Absolute NNN lease provides a truly passive investment with zero landlord obligations, secured by a corporate guarantee from Dollar General (NYSE: DG). The property sits on a 1.63-acre lot with 36 parking spaces and benefits from a high-traffic location on Hickory Hill Road, seeing over 30,700 vehicles per day, and proximity to major roadways and the Hickory Ridge Mall. The strong demographics of the area include a population of over 186,000 within a 5-mile radius, an average household income exceeding $95,000, and a dense residential area with over 71,000 households. The property's current NOI is $111,500, resulting in a 6.60% cap rate. The permitted zoning is CMU-1. This investment offers a compelling combination of strong tenant, location, and financial performance, making it an attractive addition to any portfolio. The property is situated in Shelby County, Tennessee, a state with no income tax, further enhancing its investment appeal. This is a single-tenant building in a high-growth area, close to major transportation routes and a significant industrial sector. The property's strategic location within the Memphis metropolitan area, the second-largest city in Tennessee, provides exceptional long-term growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,255,000
      ML approach
      $1,315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,820,000
      6.5%
      $1,680,000
      7%
      $1,560,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,554,000
      Market price range: $404k - $1.55M
      AI Estimate
      $1,433,000
      Market price range: $384k - $1.43M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,565,000
      OFFICE BUILDING
      $1,305,000
      AUTO REPAIR, GARAGE
      $1,060,000
      APARTMENT HOUSE (5+ UNITS)
      $975,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.866
    Latitude
    35.033
    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
    2023
    $32,264
    $54,120
    $475,520
    $529,640
    -
    $135,300
    $1,188,800
    $1,324,100

    Comparable in this City

    • Value Estimation by Request
      1,413 SF

      4625 Riverdale Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,413 SF
      4625 Riverdale Rd, Memphis, TN 38141-7888
      View Details
    • Value Estimation
      $1,165,000
      14,128 SF

      4183 Kirby Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 14,128 SF
      4183 Kirby Pkwy, Memphis, TN 38141-7166
      View Details
    • Value Estimation
      $885,000
      10,200 SF

      6771 Shelby Dr

      RETAIL STORES (PERSONAL SERVICES) • 10,200 SF
      6771 Shelby Dr, Memphis, TN 38141-7846
      View Details
    • Value Estimation
      $895,000
      6,768 SF

      6650 Shelby Dr

      RETAIL STORES (PERSONAL SERVICES) • 6,768 SF
      6650 Shelby Dr, Memphis, TN 38141-8439
      View Details
    • Value Estimation
      $1,965,000
      13,833 SF

      6980 Holmes Rd

      RETAIL STORES (PERSONAL SERVICES) • 13,833 SF
      6980 Holmes Rd, Memphis, TN 38141-8506
      View Details
    • Value Estimation
      $845,000
      8,480 SF

      5245 Riverdale Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,480 SF
      5245 Riverdale Rd, Memphis, TN 38141-8551
      View Details

    Similar Nearby for Sale

    • $3,700,000
      52,864 SF

      Refrigerated Warehouse on 9 Acres

      52,864 SF refrigerated warehouse with expansion potential on 9 acres.
      4545 S Mendenhall Rd, Memphis, TN 38141
      View Details
    • Contact for pricing

      Land For Sale Memphis

      Land available for sale in Memphis, Tennessee.
      State Line Rd, Memphis, TN 38141
      View Details
    • New
      $300,000
      9.65 Acres

      9.65 Acre Lot in Unicorp/Memphis

      9.65 acre lot near S. Germantown Road and Holmes Road.
      5088 S Germantown Rd, Memphis, TN 38141
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,100 SF

      Retail Space For Lease

      Retail spaces available in Memphis, TN shopping center.
      4770-4780 Riverdale Rd, Memphis, TN 38141
      View Details
    • Contact for pricing
      8,800 SF

      Retail Space on Riverdale Road

      Retail spaces available for lease on a high-traffic corner.
      4730 Riverdale Rd, Memphis, TN 38141
      View Details
    • $13 SF/Yr
      13,650 SF

      Prime Shelby Drive Retail Space

      Freestanding Retail Building, High Visibility
      6672 Shelby Dr, Memphis, TN 38141
      View Details
    • $18 SF/Yr
      23,000 SF

      Memphis Medical Office Space

      Prime Medical Office, 3 Buildings, 102 Parking Spaces
      6717-6767 Shelby Dr, Memphis, TN 38141
      View Details
    • $13 SF/Yr
      13,650 SF

      Former Walgreens Retail Space Available

      Vacant 13,650 SF retail space, formerly Walgreens, available for rent.
      6672 E Shelby Dr, Memphis, TN 38141
      View Details
    • Contact for pricing
      16,800 SF

      Warehouse Space with HVAC

      32,934 SF warehouse space available for lease.
      5950 Freeport Ave, Memphis, TN 38141
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    4222 Hickory Hl Rd
    Memphis, TN 38141-6814
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.