1622-1628 Union Ave - Storefront FOR SALE


Memphis, TN 38104- Midtown Memphis
$948,480 USD
901-230-4265
1622-1628 Union Ave, Memphis, TN for Sale
$948,480 USD
Storefront - FOR SALE
1/8
null | 7.5% Cap Rate

1622-1628 Union Ave
Memphis, TN 38104
Midtown Memphis


HIGHLIGHTS

  • High-visibility location on Union Avenue with traffic counts exceeding 62,000 vehicles per day.
  • Diverse tenancy anchored by established businesses, including a tenant with 60 years in operation.
  • Property includes four retail bays on a .373-acre parcel with convenient on-site parking.
  • Surrounded by national brands and local favorites, enhancing customer draw and demand.

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$948,480 USD

PRICE/SF

$100 USD /SF

CAP RATE

7.5%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1955

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

16,117 SF

ZONING

CH

APN/PARCEL ID

01-7040-0-0024

ASK ABOUT THIS PROPERTY

Barry MaynardGill Properties, Inc.More Info
901-230-4265

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Barry MaynardGill Properties, Inc.More Info
901-230-4265

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.