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- LoopNet Team
2303 Democrat Blvd
Memphis, TN 38132
Memphis (MEM) Airport Parking Lots · Land For Sale
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4.00 AC
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 4.00 AC |
| Property Subtype | Commercial | No. Stories | 1 |
| Proposed Use | Parking Lot | ||
| Zoning | I-L | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Parking Lot |
| Total Lot Size | 4.00 AC |
| No. Stories | 1 |
| Zoning | I-L |
DESCRIPTION
The 2 parking lot properties are adjacent: The Northern property, 2303 Democrat Blvd. is NNN leased to Hertz Rental Car, from June 30, 2016 through July 1, 2021 (2 years remain). Hertz has one (1) option to extend the term for five more years. The current NNN Base Rent = $162,000 Annual / $13,500 month. The rental rate is far below market due to the lease being signed at a time when the Memphis Airport was in a dispute with Delta and United airlines, which led to both avoiding Memphis for a few years. Those airlines are now back, and the airport traffic is now higher than ever. 2870 Airways Blvd is the lot to the South. It is a brand new 651 space parking lot, now under construction. It being built so that a fully fledged Airport parking lot can be operated, including shuttles to and from the terminals. The property could also be leased to a car rental company as its storage lot. The very stormy and wet weather has pushed back the completion date until sometime in late spring early summer 2019.
PROPERTY TAXES
| Parcel Number | 06-0220-0-0055C | Improvements Assessment | $128,720 |
| Land Assessment | $296,680 | Total Assessment | $425,400 |
PROPERTY TAXES
