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    Property profile & analytics

    815 Exocet Dr Memphis, TN 38018

    • Strip malls
    • 20,479 SF
    • 1.76 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1334858
    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.

    Current Use by Public Records

    • Golden City Chinese Cuisine / Restaurant / Chinese Restaurant
    • EnV / Restaurant
    • Cyber Networks / Information Services / Computer Security Service
    • Journey Christian Church / Religious Institution
    • AMIN Center / Place Of Worship

    Property Details for 815 Exocet Dr

    Year built
    1997
    Lot size
    1.76 lot acres
    Property size
    20,479 SF
    Zone code
    IH
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    091-033- - -00008-C
    APU
    09103300008C

    Description

    Patriot Square, located at 815 Exocet Dr, Memphis, TN 38018, offers a prime retail opportunity in Cordova's thriving N. Germantown Parkway corridor. This Class A retail center, built in 1997, comprises two single-story buildings totaling 51,619 square feet and features 16 suites. Currently, 2,800 square feet of space is available, divisible to a minimum of 1,400 square feet and a maximum contiguous space of 2,800 square feet. The center enjoys high visibility along N. Germantown Parkway, a major retail artery with 59,000 vehicles passing daily. Its strategic location benefits from the significant foot traffic generated by nearby high-performing retailers including Walmart, Kroger, and CVS, all ranking in the top 20% for foot traffic in Tennessee. Patriot Square's tenant mix includes entertainment, restaurant, retail, and service businesses, creating a vibrant and attractive environment. The property is ideal for retail or educational users and offers attractive tenant improvement allowances and rent abatement. This is an exceptional opportunity to establish a presence in a high-traffic, established retail center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,772,000
      Market price range: $1.77M - $5.18M

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

    Location Insight

    • Map
    • Local Demand
    City
    Cordova
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.7977
    Latitude
    35.1479
    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
    $29,240
    $283,600
    $196,400
    $480,000
    -
    $709,000
    $491,000
    $1,200,000

    Comparable in this City

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      6,400 SF

      7940 Fischer Steel Rd

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      View Details
    • Value Estimation
      $3,990,000
      16,705 SF

      1010 Germantown Pkwy

      SHOPPING CENTER, STRIP CENTER • 16,705 SF
      1010 Germantown Pkwy, Cordova, TN 38018-5892
      View Details
    • Value Estimation
      $725,000
      6,880 SF

      975 Germantown Pkwy

      SHOPPING CENTER, STRIP CENTER • 6,880 SF
      975 Germantown Pkwy, Cordova, TN 38018-5802
      View Details
    • Value Estimation
      $2,240,000
      4,338 SF

      765 Germantown Pkwy

      SHOPPING CENTER, STRIP CENTER • 4,338 SF
      765 Germantown Pkwy, Cordova, TN 38018-6254
      View Details
    • Value Estimation
      $1,780,000
      4,131 SF

      775 Germantown Pkwy

      SHOPPING CENTER, STRIP CENTER • 4,131 SF
      775 Germantown Pkwy, Cordova, TN 38018-6885
      View Details
    • Value Estimation
      $1,665,000
      19,236 SF

      7845 Trinity Rd

      SHOPPING CENTER, STRIP CENTER • 19,236 SF
      7845 Trinity Rd, Cordova, TN 38018-2271
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Cordova Development Opportunity For Sale

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      Esplanade Event Center: Memphis, TN

      Prime Event Center, High Parking Ratio, Flexible Use
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      Cordova Restaurant & Land Portfolio

      Prime Cordova location, restaurant included.
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      Memphis Restaurant - Turnkey Opportunity

      Established Restaurant, Prime Location, High Traffic
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      Cordova Retail Property For Sale

      Retail property available for purchase in Cordova, Tennessee.
      815 Exocet Dr, Cordova, TN 38018
      View Details
    • $700,000
      868 SF

      Retail Property Near Germantown Parkway

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    Similar Nearby for Lease

    • Contact for pricing
      868 SF

      Memphis Fast Food Retail Space

      Prime 868 SF Fast Food Location
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      800 SF

      Restaurant/Retail Space Near Germantown Parkway

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      8095 Macon Rd, Cordova, TN 38018
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    • $5,880 /Mo

      Prime Commercial Location Available Soon

      Spacious retail space available September 1, 2024, near Germantown Parkway.
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    • Contact for pricing
      28,130 SF

      Memphis Retail & Office Space

      Prime Cordova location, two suites available
      8130 Macon Sta At Cordova Sta, Memphis, TN 38018
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    • $28 SF/Yr
      20,427 SF

      Restaurant Space For Lease

      2,996 SF restaurant space available on Germantown Parkway.
      420 S Germantown Rd, Cordova, TN 38018
      View Details
    • Contact for pricing
      22,349 SF

      Memphis Office Space for Lease

      Prime Cordova location, 2,800 SF available
      815 Exocet Dr, Memphis, TN 38018
      View Details
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    Memphis, TN 38018
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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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