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    5124 Summer Ave Memphis, TN 38122
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    Property profile & analytics

    5124 Summer Ave, Memphis, TN 38122

    View on Map
    • Strip malls
    • 101,033 SF
    • 8.00 lot acres
    For Lease
    $3,385,000
    View Listing →
    Retail Space on Summer Avenue For Lease
    $3,385,000
    2,708 SF

    Retail Space on Summer Avenue

    Retail space available in Summer Commons shopping center.

    5124 Summer Ave, Memphis, TN
    View Listing
    Property ID
    US80-0165992
    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.
    Value Estimations
    $3,385,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • City Thrift / Discount Store
    • Summer Commons / Shopping Center & Mall
    • Bargain Hunt / Discount Store
    • Northern Tool + Equipment / (Bike/Boat/Book/etc) Store / Building Supply
    • Tacos los Carnales / Restaurant

    Property Details for 5124 Summer Ave

    Year built
    1974
    Lot size
    8.00 lot acres
    Zone code
    CMU-3
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    063-071- - -00037-C
    APU
    06307100037C

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 15, 2025 — Summer Commons Investors LLC Summer Commons Op LLC Quitclaim Deed · related —
    Feb 7, 2012 $4,800,000 Summer Commons Investors LLC Summer Commons LLC Grant Deed · related $5M · Symetra Life Insurance Co
    Mar 13, 2009 $3,500,000 Summer Commons LLC Summer Commons Dev Trustees Deed · related —
    Mar 1, 2006 $3,750,000 Summer Commons LLC Memphis Mart Associates Grant Deed $2.8M · Norton S Karno
    — — Summer Commons Investors LLC — Deed Of Trust · related $169M · Morgan Stanley Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,950,000
      ML approach
      $3,285,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,193,000
      Market price range: $2.10M - $5.26M

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

    Location Insight

    • Map
    • Local Demand
    City
    Memphis
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8906
    Latitude
    35.1532
    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
    2022
    $123,397
    $735,800
    $1,289,880
    $2,025,680
    -
    $1,839,500
    $3,224,700
    $5,064,200

    Comparable in this City

    • Value Estimation
      $18,040,000
      141,170 SF

      4304 Summer Ave

      SHOPPING CENTER, STRIP CENTER
      4304 Summer Ave, Memphis, TN 38122
      View Details
    • Value Estimation by Request
      2,378 SF

      1091 National St

      SHOPPING CENTER, STRIP CENTER
      1091 National St, Memphis, TN 38122-3209
      View Details
    • Value Estimation by Request
      12,000 SF

      3619 Summer Ave

      SHOPPING CENTER, STRIP CENTER
      3619 Summer Ave, Memphis, TN 38122-3741
      View Details
    • Value Estimation
      $3,930,000
      41,602 SF

      5150 Summer Ave

      SHOPPING CENTER, STRIP CENTER
      5150 Summer Ave, Memphis, TN 38122-4431
      View Details
    • Value Estimation
      $860,000
      8,545 SF

      465 High Pt Ter

      SHOPPING CENTER, STRIP CENTER
      465 High Pt Ter, Memphis, TN 38122-4623
      View Details
    • Value Estimation by Request
      12,060 SF

      3524 Jackson Ave

      SHOPPING CENTER, STRIP CENTER
      3524 Jackson Ave, Memphis, TN 38122-1143
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      380,505 SF Retail Center

      Retail center with strong co-tenancy and highway visibility.
      5230 Summer Ave, Memphis, TN 38122
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      Retail Center on Summer Avenue

      4,830 SF retail center on a major retail thoroughfare.
      4235 Summer Ave, Memphis, TN 38122
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      7,740 SF

      Midas Investment Opportunity in Memphis

      NNN leased Midas property with long term and rent increases.
      3531 Summer Ave, Memphis, TN 38122
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      2,407 SF

      Retail Space on Summer Avenue

      Retail property surrounded by prominent retailers with high traffic counts.
      3717 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing

      Retail Building on Summer Avenue

      10,000 SF retail building on 1.05 acres for sale.
      5240 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      14,392 SF

      Former Walgreens on Summer Avenue

      Former Walgreens available on Summer Avenue in Memphis, Tennessee.
      3502 Summer Ave, Memphis, TN 38122
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,370 SF

      Retail Space on Summer Avenue

      Retail space with high visibility and access on Summer Avenue.
      4235 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      20,743 SF

      Retail Space at Interstate Interchange

      Retail space available at a high-traffic interstate interchange.
      5232-5264 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      2,708 SF

      Retail Space on Summer Avenue

      Retail space available in Summer Commons shopping center.
      5124 Summer Ave, Memphis, TN 38122
      View Details
    • Contact for pricing
      4,041 SF

      Retail Space Near I-40

      Retail space available near I-40 with high population density.
      3230-3260 Jackson Ave, Memphis, TN 38122
      View Details
    • Contact for pricing

      East Memphis Shopping Center Space

      Retail suites available in East Memphis shopping center.
      5124 Summer Ave, Memphis, TN 38122
      View Details
    View Listing
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    Memphis, TN 38122
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    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
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