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Property profile & analytics
FOR LEASE
Warehouses
5625 Challenge Dr Memphis, TN 38115
Entity Owned
2-yr Hold
Free & Clear
Property ID
US80-3481442
For Lease
$20,985,000
5625 Challenge Dr, Memphis, TN 38115
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
1998
Total area
592,766 SF
Lot
26.76 ac (1,165,666 SF)
Zoning code
EMP
APN
093-400- - -00565
UPID
US80-3481442
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
-
Appleton Electric Division Electrical Service General Contractor
-
EGS Electrical Group Building Supply Electrical Service
-
FlexiSpot Furniture & Home Goods
-
Lecang, LLC Warehouse & Storage
-
Midwest Warehouse Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$23.21M
Blend (final)
Blend
$20.99M
Owner & transaction history
Coleman Logistics Assests LLC · 2 yrs held
Coleman Logistics Assests LLC
since 2024
Last sale
$24,300
7 recorded transactions
Zoning & alternative use
EMP · Memphis, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$23,205,000
Current use
Blend value · Realmo final
$20.99M
Range $18.89M – $23.08M · ±10% · vs last sale $24k (Jan 10 2024)
Last sale anchor
$24k
Jan 10 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
$35 / 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 2021Property tax & assessments
Tax year 2021
Tax billed
$116,817
Tax year 2021
Land market value
$923,300
Improvement market value
$23,764,900
Total market value
$24,688,200
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
For Lease
Year built
1998
Heating
FORCED AIR
Cooling
CENTRAL
Stories
1
Total area
592,766 SF
Lot
26.76 ac (1,165,666 SF)
Zoning code
EMP
APN
093-400- - -00565
UPID
US80-3481442
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
WAREHOUSE, STORAGE Current
Est. value
$23.2M
WAREHOUSE, STORAGE Current
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
1998
Heating
FORCED AIR
Cooling
Yes
Stories
1
Lot
26.76 ac
Current owner
From public records · entity-resolved
Coleman Logistics Assests LLC
Entity
Free & Clear · 2 yrs held
Mailing address
5625 CHALLENGE DR, MEMPHIS, TN 38115-5029
Mailing matches property
Yes
Owner-occupied
Yes
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
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 10, 2024
—
Coleman Logistics Assests LLC
Economic Dev Growth Engine Industri
Quit Claim Deed
related
—
Jan 12, 2022
—
Coleman Logistics Assets LLC
—
Deed
related
$27,198 · Societe Generale
Oct 4, 2019
—
Western B South Tn LLC
—
Deed
related
—
Sep 16, 2019
—
Economic Growth Engine Indl D
Western B South Tn Lc
Grant Deed
related
—
Nov 16, 2015
—
Western B South Tn LLC
Iit Memphis Ic LLC
Quit Claim Deed
related
—
Jul 12, 2012
$24,300
Iit Memphis Ic LLC
Crp Holdings B LP
Grant Deed
—
May 5, 2006
$30,000,000
Holdings B
New York Life Insurance
Grant Deed
related
—
Mar 31, 2006
—
New York Life Inv Mgmt LLC
Industrial Dev Board Of City/memp
Quit Claim Deed
related
—
—
—
Western B South Tn LLC
—
Deed Of Trust
related
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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