Memphis Multifamily Redevelopment Opportunity | ±144,000 SF | ±17.29 Acres

690 Mississippi Blvd & 0 Phelan Ave, Memphis, TN 38126

  • For Sale $4,950,000
  • Property Type VacantLand
  • Lot Size 17.29 Acre
  • Date Updated Mar 26, 2024
Memphis, TNGeorgia Avenue School represents a dynamic opportunity to acquire a ±144,000 SF of desirable, adaptive-reuse redevelopment asset on ±8.99 acres, with an additional, level, adjacent ±8.3 acres of flat developable land (total of ±17.29 acres). It is located near downtown Memphis in a rapidly developing area close to entertainment and the medical district. The property is currently zoned RU-3, which allows for development of mixed-use, multifamily, educational facility and office. Other possible uses include assisted living, hospice, nursing home, recreation, churches, and many other commercial uses. The conceptual plan herein shows the school being repurposed and additional multifamily units being developed for a total of approximately 400 units. The site boasts road frontage on three sides, multifamily zoning of RU-3 - Urban Residential, and all utilities available at the site. The site can qualify for Historic Tax Credits, New Market Tax Credits (NMTC), as well as Low Income Housing Tax Credits (LIHTC) and is located in a Qualified Opportunity Zone.

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Attachments

Highlights

  • ±17.29-acre site with ±144,000 SF building ideal for adaptive-reuse development
  • Site located in South City master redevelopment plans to be used for multifamily development
  • Includes conceptual plan
  • Zoned RU-3
  • All utilities available at site
  • Many local and federal tax incentives available
  • Memphis undergoing major growth with many downtown developments under construction
  • Bull Realty TN license # 259046

Contacts

broker

John DeYonker

Bull Realty

(404) 876-1640

Location

Getting Around

  • Walk Score ®

    49/100 Car-Dependent

  • Transit Score ®

    35/100 Some Transit

  • Bike Score ®

    72/100 Very Bikeable
Powered by Walk Score ®
  • City Memphis, TN
  • Neighborhood Downtown Memphis
  • Zip Code 38126
  • Market Memphis

Points of Interest

  • Central Station

    0.94 miles

  • Orleans

    0.95 miles

  • Memphis Central Station

    0.98 miles

  • Butler

    0.99 miles

  • Huling

    1.00 miles

  • Danny Thomas

    1.00 miles

  • Dr. Martin Luther King, Jr.

    1.03 miles

  • Dunlap

    1.04 miles

  • Beale Street

    1.08 miles

  • Peabody Place

    1.13 miles

  • Valero

    0.47 miles

  • Mobil

    0.71 miles

  • Exxon

    0.73 miles

  • Valero

    1.26 miles

  • Exxon

    1.33 miles

  • BP

    1.90 miles

  • Kroger

    1.98 miles

  • Citgo

    2.11 miles

  • Shell

    2.17 miles

  • BP

    2.22 miles

  • FedEx Forum Parking Garage

    0.83 miles

  • Peabody Place Parking Garage

    0.98 miles

  • Hilton Garden Inn Lot

    1.01 miles

  • Metropolis

    1.05 miles

  • The Lofts at South Bluff Parking

    1.16 miles

  • Toyota Center Parking Garage

    1.16 miles

  • One Commerce Square Garage

    1.18 miles

  • First Tennessee Bank Parking Garage

    1.18 miles

  • AutoZone Store Support Center Garage

    1.20 miles

  • Parking Can Be Fun

    1.21 miles

  • The Inn at Hunt Phelan

    0.67 miles

  • The Westin Memphis Beale Street

    0.93 miles

  • La Quinta Inns & Suites Memphis Downtown

    0.95 miles

  • The Central Station Memphis, Curio Collection by Hilton

    0.97 miles

  • Hampton Inn & Suites Memphis - Beale Street

    0.98 miles

  • Hilton Garden Inn Memphis Downtown

    1.05 miles

  • Motel 6 Memphis Downtown

    1.05 miles

  • DoubleTree by Hilton Memphis Downtown

    1.06 miles

  • The Peabody Memphis

    1.11 miles

  • Canopy by Hilton Memphis Downtown

    1.12 miles

  • Taco Bell

    0.69 miles

  • Renee's Sandwich Shop

    0.77 miles

  • Lew's Blue Note Bar and Grill

    0.86 miles

  • Central BBQ

    0.89 miles

  • Dyer's Burgers

    0.91 miles

  • Double J's

    0.92 miles

  • The Cheese Cake Corner

    0.93 miles

  • Rizzo's Diner

    0.94 miles

  • The Arcade

    0.95 miles

  • Rum Boogie Cafe

    0.95 miles

  • Georgia Avenue Elementary School

    0.07 miles

  • Porter School

    0.13 miles

  • LaRose Elementary School

    0.42 miles

  • Vance Junior High School

    0.44 miles

  • Walker Avenue School

    0.54 miles

  • Lauderdale Elementary School

    0.55 miles

  • McOutreach Learning Center

    0.56 miles

  • Saints Haven Residence ASBC

    0.59 miles

  • All Saints Bible College

    0.60 miles

  • Saint Patrick Learning Center

    0.70 miles

  • Saint Jude Day Care Center

    1.19 miles

  • Harris Memorial Day Care and Learning Center

    1.66 miles

  • Vollintine Baptist Day Care Center

    2.87 miles

  • Union Avenue Baptist Church Child Enrichment Center

    3.10 miles

  • Miriam Child Development Center

    4.62 miles

  • Barbara K Lipman Early Childhood School and Research Institute

    6.05 miles

  • Mount Pisgah Baptist Church Day Care Center

    6.22 miles

  • Middle Baptist Church Daycare Center

    7.74 miles

  • Fireside Temple Church of God in Christ Day Care Center

    8.46 miles

  • La Petite Academy

    9.27 miles

Frequently Asked Questions

What is the lease rate for Memphis Multifamily Redevelopment Opportunity | ±144,000 SF | ±17.29 Acres?

Rental asking rate at Memphis Multifamily Redevelopment Opportunity | ±144,000 SF | ±17.29 Acres is $2,475,000.00/YR.

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Contact Listing Broker

broker

John DeYonker

Bull Realty

(404) 876-1640