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1622-1628 Union Ave 9,512 SF 100% Leased Retail Building Memphis, TN 38104 $948,480 ($99.71/SF) 7.50% Cap Rate
Investment Highlights
- High-visibility location on Union Avenue with traffic counts exceeding 62,000 vehicles per day.
- Property includes four retail bays on a .373-acre parcel with convenient on-site parking.
- Diverse tenancy anchored by established businesses, including a tenant with 60 years in operation.
- Surrounded by national brands and local favorites, enhancing customer draw and demand.
Executive Summary
This retail investment opportunity is located along Union Avenue, a high-traffic corridor in the heart of Memphis. The property consists of four bays totaling 9,512 SF and benefits from a prominent street frontage of 100 feet with over 62,000 vehicles per day passing by. Current tenancy includes long-standing occupant Best Rubber Stamps, in business for over 60 years, along with Smokeology and Fluid Tattoo. Present occupancy stands at 75%, with one unit available for lease, offering investors immediate upside through increased occupancy and rental adjustments.
Rents are currently averaging 43% below market, creating strong potential for income growth. A stabilized rent roll would significantly increase NOI beyond the current $71,136.62, providing attractive returns at the offering price of $948,480 and a 7.5% cap rate. The property’s location within a vibrant commercial corridor, surrounded by national and regional tenants, ensures high visibility and strong consumer traffic.
Rents are currently averaging 43% below market, creating strong potential for income growth. A stabilized rent roll would significantly increase NOI beyond the current $71,136.62, providing attractive returns at the offering price of $948,480 and a 7.5% cap rate. The property’s location within a vibrant commercial corridor, surrounded by national and regional tenants, ensures high visibility and strong consumer traffic.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
9,512 SF
Building Class
C
Year Built
1955
Price
$948,480
Price Per SF
$99.71
Cap Rate
7.50%
NOI
$71,136
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.59
Lot Size
0.37 AC
Zoning
CH
Parking
10 Spaces (1.05 Spaces per 1,000 SF Leased)
Frontage
104’ on Union Ave
Amenities
- Bus Line
- Pylon Sign
- Signage
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 1628
- 2,139 SF
- Retail
- In-Line
- 30 Days
| Space | Size | Space Use | Position | Available |
| 1628 | 2,139 SF | Retail | In-Line | 30 Days |
1628
| Size |
| 2,139 SF |
| Space Use |
| Retail |
| Position |
| In-Line |
| Available |
| 30 Days |
Moderately walkable
70/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 01-7040-0-0024 | Improvements Assessment | $103,040 |
| Land Assessment | $133,800 | Total Assessment | $236,840 |
Property Taxes
Parcel Number
01-7040-0-0024
Land Assessment
$133,800
Improvements Assessment
$103,040
Total Assessment
$236,840
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1622-1628 Union Ave
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