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5055 Covington Way Memphis, TN 38134-5699

Industrial properties Google Maps
11,100 SF 0.97 ac lot Built 1986
Entity Owned 8-yr Hold ~ Est. High Equity
Estimated value (blended)
$250k
Range $225k – $275k (±10%)
Property ID US80-0141372

Property summary

AI-generated overview

This single-tenant industrial flex space at 5055 Covington Way offers a unique opportunity. The property boasts a flexible layout previously occupied by a pharmacy, featuring multiple offices and a small warehouse area. The total square footage ranges from 1,850 to 5,550 square feet, providing ample space for a variety of businesses. The building includes four restrooms for employee and customer convenience. The property's adaptability is a key advantage; the landlord is willing to convert the space back to a standard warehouse configuration if needed, making it suitable for a wide range of uses. This presents a rare chance to acquire a well-located industrial property with significant flexibility and potential for customization. The property's previous use as a pharmacy suggests existing infrastructure suitable for businesses requiring office and storage space. The size range allows for businesses of varying scales to find a suitable fit. The availability of four restrooms further enhances the property's functionality and appeal. The landlord's willingness to adapt the space to the tenant's needs underscores the commitment to providing a tailored solution. This makes 5055 Covington Way an exceptional opportunity for businesses seeking a versatile and adaptable industrial space.

Property profile

Verified
Property type Industrial properties
Use group INDUSTRIAL LOFT BUILDING
Year built 1986
Total area 11,100 SF
Lot 0.97 ac (42,384 SF)
Zoning code EMP
APN 088-040- - -00113
UPID US80-0141372

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Gym & Fitness Center
  • Pharmacy
  • Interior Design
  • Physician

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$250k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$250k

Owner & transaction history

since 2017
4 recorded transactions
2017
$810,000
2015
$775,000
2006
$500,000
1998
$11.9M

Zoning & alternative use

EMP · Memphis, TN
Zoning description

1. In the CA, CMU, EMP, WD, IH districts, outdoor runs are permitted. 2. In all other districts, outdoor runs are not permitted. All overnight care of animals must occur indoors. All pens, kennels and runs must be locate…

General category INDUSTRIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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More about this property
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