Covington Springs
3830 Austin Peay Hwy, Memphis, TN 38128, USA

$7,300,000· Multi Tenant (Sold)

Investment Highlights

  • Over 93% Occupied
  • 16 Units (14 Leased / 2 Vacant)
  • Two Parcels –11.81 Ac & 0.76 Ac
  • Two Buildings –One Between Walmart & Kroger / One Between Kroger & Goodwill
  • New Roof Over Dollar Tree & TJ Beauty Supply Units (2021)
  • Major Parking Lot Repairs In 2021 & 2022
  • Long Term Tenancy
  • Dollar Tree (20.51% GLA) –Occupied Since 2001
  • Fresenius Kidney Care (13.61% GLA) –Occupied Since 1996
  • TJ Beauty Depot (20.51% GLA) –Occupied Since 2001
  • 29% GLA Has Occupied Since 1997 (25 Years)
  • 72% GLA Has Occupied Since 2001 (21 Years)
  • Mix Of Triple-Net and Gross
  • Landlord Responsible for Roof, Structure & Other Capex Landlord Handles Management and Reimbursement from Goodwill
  • Strong Shadow Anchors
  • Walmart –Public Company -NYSE: WMT
  • Kroger -Public Company -NYSE: KR
  • Goodwill –Private Company -4,000+ Locations
  • Surrounded By Other National and Regional Retailers
  • 15 Miles from Downtown Memphis, TN
  • Submarket Occupancy Of 97.2% -Retail
  • Over 63,500 Residents Within Three Miles
  • Average Household Income Of $67,130 Within Three Miles
  • Austin Peay Hwy Traffic Counts –25,500 (2020)

Location

Agent

Jeff Rowlett

jeff.rowlett@marcusmillichap.com
262 364 1924

Jeff Rowlett is a leading Investment Advisor at Marcus & Millichap serving private capital investors in Chicago, Milwaukee and nationwide. Mr. Rowlett is widely recognized as a leading investment properties specialist. His expertise is in understanding the capital markets, knowing..

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