KW Commercial
Listed by Keller Williams Memphis, KW Commercial
$1,475,000
The Village of Hickory Ridge
Details
Property Type Retail
Sub Type Storefront, Shopping Center
Square Footage 17,194
Units 17
Occupancy 35%
Tenancy Multi
Pro-Forma Cap Rate 11.18%
Pro-Forma NOI $164,871
Price per SqFt $86
Class B
Year Built 1984
Stories 1
Acreage 1.400
Zoning Commercial
Parking Spaces 77 spaces
Parking Per SqFt 4.48
Investment Type Value Add
3538-3582 Hickory Hill Road, Memphis, TN 38115
Marketing description
KW Commercial is pleased to present The Village of Hickory Ridge, a 17,194 SF multi-tenant retail strip center located at 3538-3582 Hickory Hill Road in Memphis, TN. Built in 1984 and situated on approximately 1.4 acres, the property consists of 17 retail units designed to serve the daily needs of the surrounding neighborhood.
The asset is currently 35% occupied and offered at an 11.18% pro forma cap rate on a current pro forma NOI of $164,871, with an asking price of $1,475,000 (~$85.79 PSF). This presents a compelling value-add opportunity to increase cash flow through lease-up of vacant space and the implementation of market rental rates. The center benefits from strong visibility, convenient access, and proximity to major thoroughfares.
Investment highlights
- ESTABLISHED NEIGHBORHOOD RETAIL CENTER: The Village of Hickory Ridge is a multi-tenant retail strip center at 3538-3582 Hickory Hill Road, serving the daily needs of the surrounding community and well-positioned for long-term retail demand.
- VALUE-ADD LEASE-UP OPPORTUNITY: Currently 35% occupied with an 11.18% pro forma cap rate, the property offers significant upside through the lease-up of vacant units and the implementation of market rental rates.
- STRONG VISIBILITY & ACCESS: With 470 feet of frontage on Hickory Hill Road, the center benefits from strong visibility, convenient access, and proximity to major thoroughfares serving the trade area.
- FUNCTIONAL, WELL-CONFIGURED ASSET: Built in 1984, the 17,194 SF building sits on a 1.4-acre lot with 17 units and 77 parking spaces (4.48 per 1,000 SF), offering flexible suite sizes for a diverse tenant mix.
- DENSE, ESTABLISHED TRADE AREA: An estimated 95,333 residents live within three miles, providing a deep and stable customer base to support tenant performance and sustained retail demand.
Listing Contacts
KW Commercial
Listed by Keller Williams Memphis, KW Commercial
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Zoning
CMU-1 CommercialNeighborhood CommercialCommercial Mixed Use 1
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