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Property profile & analytics
OFF-MARKET Estimated value $235,000
Medical Office Space

5406 Knight Arnold Rd Memphis, TN 38115-2817

6,609 SF 0.71 ac lot Built 1988
Individually Owned 1-yr Hold Absentee Owner Free & Clear
Property ID
US80-0835076
Property summary
AI-generated overview

Colony Square, located at 5406 Knight Arnold Rd in Memphis, Tennessee (zip code 38115), presents a prime retail and medical investment opportunity. This 0.706-acre property encompasses a 12,042 square foot retail center featuring multiple tenancy options. Currently, there are 8,640 square feet of vacant space available, offering flexibility for various business needs. Individual spaces range from a minimum of 2,160 square feet to a maximum contiguous space of 6,480 square feet. The property's location in Shelby County ensures high visibility and accessibility for potential tenants. A significant portion of the property, a 6,480 square foot freestanding building, is available for sale or lease, making it ideal for medical practices or other businesses requiring larger spaces. This versatile property is well-suited for a variety of commercial uses, offering a compelling opportunity for investors and businesses seeking a prominent location in a thriving Memphis market. The property's size and layout provide ample space for expansion or adaptation to suit specific business requirements. Interested parties are encouraged to explore the potential of this exceptional commercial property.

Property profile
Verified
Property type Medical Office Space
Use group MEDICAL BUILDING
Year built 1988
Total area 6,609 SF
Lot 0.71 ac (30,753 SF)
Zoning code R-6
APN 074-074- - -00035
UPID US80-0835076
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
  • Cataract Surgery Center Medical Clinic Hospital
  • Cataract Surgery Center: Crabb James L MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
$265k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$235k
Owner & transaction history
Lois Harris · 1 yrs held
Lois Harris
since 2025
Last sale
$300,000
4 recorded transactions
2025
$300,000
2024
Price N/A
2024
$700,000
1969
Price N/A
Zoning & alternative use
R-6 · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description

R-6, R-3, RU-1, RU-2, RU-3, RU-4, RU-5 and RW), with the exception of Community Supported Agriculture. 2. Neighborhood gardens shall: a. be managed to prevent the harborage of rodents and pests; b. be maintained to prevent odors; and c. be managed to (to the extent that is possible), to prevent the runoff of top soil and composting materials from flowing ont…

Zone name Residential Single Family 6
General category RESIDENTIAL
Zone area 35,601.06 ac
Source CHAPTER 1
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