4531 New Allen Rd
Memphis, TN 38128
PRIME DEVELOPMENT SITE · Land For Sale · 42.00 AC

42 ACRE SITE MEMPHIS, TENNESSEE DESCRIPTION OF PROPERTY This property, at 4531 New Allen Road, consists of two adjoining tax parcels totaling some 42.1 acres, is located within the corporate limits of Memphis, the largest city in Tennessee. This site is approximately 2 miles north of Exit'116 of Interstate 40. The property is irregularly shaped with approximately 1,200 feet of frontage on the northwest side of New Allen Road - see Exhibits. The entire site is wooded and all utilities are immediately available. There is a 20' wide sanitary sewer easement that runs along the New Allen Road frontage which contains an existing 15" sewer main. No other easements are known to encumber the property. According to the latest Flood Insurance Rate Map, approximately 20 acres in the center of this site is in Zone X, an area outside the 100-yearflood plain. The remaining 20+/- acres, located on the perimeter of the property, are located in Zone AE, an area determined to be within the 100-yearflood plain. - see Exhibits. This property is zoned RU-3, Residential Urban - 3 District under the Memphis and Shelby County Unified Development Code. Residential development in this District allows for a variety of housing types including: single family detached (conventional, side yard house, cottage and modular); single family attached (semi-attached, two family and townhouse); as well as multifamily (large homes, stacked townhomes and apartments). In addition to residential uses, nursing homes, assisted living facilities and most forms of group homes are permitted as of right, as are private schools and houses of worship. With conditional or special use, approval, many other forms of development are allowed including : daycare, educational facilities, private clubs, offices and retail. DEVELOPMENT POTENTIAL In 2002, approval was obtained for a 192 unit small lot subdivision - see the "New Allen Place P. D. Plan" enclosed. However, this approval has since expired. To ascertain the potential for development of apartment units, or as a single family subdivision, the attached concept plans were prepared. The newly prepared apartment layout shows the same 192 unit density that had previously been approved on this site, but in twelve 2 story buildings where all units have direct access to the ground - see typical elevation and floor plans enclosed. In addition to the proposed buildings, the concept plan illustrates the required 356 parking spaces with ample land remaining for an amenity complex. To investigate a single family subdivision alternative, the enclosed plan was developed. Utilizing the assumptions that the minimum lot area would be 10,000 s. f. and the road frontage 75', a total of 46 conforming lots can be developed. However, if one reduces the 75' road frontage to 50', or 60', a significantly larger number of perimeter lots can be obtained, thereby expanding the total lot count. NEIGHBORHOOD Directly across New Allen Road from the subject property is a 200 unit apartment complex - " The Regency at Raleigh", which contains one, two and three bedroom units ranging from 750 - 1,200 s. f. - www.forrent.com/apartment-community ­ profile/1032626#! This development, which was built in the 1970' is now undergoing extensive renovations. In addition to the Regency, the immediate surrounding neighborhood consists of a number of single family subdivisions, small apartment projects, houses of worship and vacant land. Located one mile south of the site on New Allen Road is the largest Nike distribution center in the world! This 2,800,000 s. f. building is operated 24-hours per day, seven days a week by its 400+ employees. Eight miles to the north is the Naval Support Activity Mid­ South Center in Millington . This facility has approximately 8,500 enlisted and officer personnel, civilians and full time contractors, who provide all essential logistic and operational support to the Navy's commands and activities. As this base has evolved and changed, so has its impact on the area. The Naval Support Activity plays an important part in the community and is one of the largest single employers in the state of Tennessee. 2017 MEMPHIS YEAR END MARKET UPDATE The following are salient points from the recently released 2017 market summary: • Total home sales volume reached it's highest level since 2006 at $3.13 billion, up 13°/o from $2.78 billion in 2016. • In 2017, there were the most home sales recorded since 2007 with 18,877 sales, up from 17,516 in 2016. • The medium sales price for 2017 was $130,000, up 5% from 2016.