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Property profile & analytics
OFF-MARKET
Estimated value
$1,500,000
Flex space
4358 Millington Rd Memphis, TN 38127-3200
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US80-3077355
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1980
Total area
11,250 SF
Lot
1.3 ac (56,584 SF)
Zoning code
EMP
APN
069-067- - -00016
UPID
US80-3077355
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
-
Dunlap Machine Works Inc Industrial Manufacturer
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.50M
CAP Approach
CAP
$1.82M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.50M
Owner & transaction history
Millington Properties LLC · 1 yrs held
Millington Properties LLC
since 2024
Last sale
$1.5M
1 recorded transaction
Zoning & alternative use
EMP · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.6M
+248.5%
Office building
$1.3M
+190.6%
Auto repair, garage
$1.1M
+136.2%
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
$1,500,000
ML approach
$1,500,000
CAP Approach
CAP Return
Estimation
6%
$1,965,000
6.5%
$1,815,000
7%
$1,685,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,610,000
Change: +248% · Conversion: Difficult
OFFICE BUILDING
$1,340,000
Change: +191% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,090,000
Change: +136% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,000,000
Change: +117% · Conversion: Difficult
Blend value · Realmo final
$1.50M
Range $1.35M – $1.65M · ±10% · vs last sale $1.50M (Sep 17 2024)
Last sale anchor
$1.50M
Sep 17 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
$133 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$5,736
Tax year 2023
Assessed value
$94,160
Assessed 2024
Previous assessed
$94,160
+0.0% YoY
Effective rate
6.09%
On assessed value
Assessed land
$12,240
Assessed improvement
$81,920
Land market value
$30,600
Improvement market value
$204,800
Total market value
$235,400
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1980
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
11,250 SF
Lot
1.3 ac (56,584 SF)
Zoning code
EMP
APN
069-067- - -00016
UPID
US80-3077355
Jurisdiction
SHELBY
Zoning & alternative use
EMP · Memphis, TN
Zoning EMP · permitted uses
EMP · 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
MEDICAL BUILDING
Est. value
$1.6M
OFFICE BUILDING
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.0M
MEDICAL BUILDING
OFFICE 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
1980
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
1.3 ac
Current owner
From public records · entity-resolved
Millington Properties LLC
Entity
Mailing address
524 NE 3RD ST, PAOLI, IN 47454-1610
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 17, 2024
$1,500,000
Millington Properties LLC
Dunlap Machine Works INC
Warranty Deed
$832,500 · First Horizon Bank
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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