REIT Sale | Former Dollar General | 28K VPD | 2011 Built

Highlights:

• 9,014 SF Freestanding Value-Add Retail on 1.02 Acres Available at Substantial Discount Below Replacement Cost
• Built in 2011; Former Dollar General with Open Floor, Rear Storage Room, and Side Door for Deliveries
• 28,619 VPD Traffic Counts on Lamar Avenue and Just Off Airways Blvd (+25K VPD) in Strategic Downtown/Midtown Submarket
• Neighboring Retail: Family Dollar, McDonald’s, Walgreens, Burger King, Cricket, Popeyes, KFC | Memphis Sports & Events Center (2-mi), Airport and FedEx World Hub (±5-mi)
• Attractive Demographics with Population of ±221,045 and Average Household Income of ±$77,909 (5-Mile)
• Zoned EMP, Employment with a Variety of Permitted Uses

Description:

Ri Marketplace Online Auction October 14th-16th, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2712/reit-sale-former-dollar-general-28k-vpd-2011-built?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=retail_2712

Marcus & Millichap and RI Marketplace are pleased to present a vacant, free-standing retail building located at 2245 Lamar Avenue in Memphis, TN 38114 (the “Property”). Formerly occupied by Dollar General, the Property is being offered significantly below replacement cost, providing an excellent opportunity for owner/users or investors to acquire a highly visible property within Memphis’s Downtown/Midtown Submarket at a significant discount. FIRST BID MEETS RESERVE!

Built in 2011, the Property features a one-story, free-standing retail building totaling ±9,014 square feet, situated on a ±1.02-acre parcel (±44,328 SF) with 30 total surface parking spaces. The site offers excellent accessibility via one dedicated ingress/egress curb cut and 133’ feet of prime frontage on Lamar Avenue, ensuring steady consumer traffic and strong visibility with ±28,619 vehicles passing daily (VPD). Previously occupied by Dollar General on a NNN lease, the Property presents an outstanding value-add opportunity, allowing owner/users or investors to capitalize on competitive market lease rates (CoStar estimated rents of $13–$16/SF NNN retail). Zoned EMP, Employment, the site allows for a wide range of commercial uses through adaptive reuse or repositioning.

The Property is located in Memphis, TN, within the established Downtown/Midtown Submarket, offering excellent access to major highways and Memphis’s leading regional demand drivers. Situated along Lamar Avenue near the intersection of Airways Boulevard (±25,987 VPD), the site offers strong visibility and steady traffic exposure, supported by a Walk Score® of 68 (Somewhat Walkable). The Property is located adjacent to Popeye’s and across from the Lamar Airways Shopping Center and near national retailers like KFC, First Horizon Bank, Family Dollar, Walgreens, McDonalds, and Burger King to name a few. This corridor is further complemented by a dense mix of specialty shops, restaurants, and essential services, creating consistent, high daily traffic and robust consumer spending. The Property also benefits from proximity to major economic anchors including Simmons Bank Liberty Stadium and the Memphis Sports & Events Center (±2-mi); and Memphis International Airport (±5 miles) and the FedEx World Hub, which employs more than 11,000 workers at its Memphis campus and maintains more than 34 million SF of space on airport property. The Property is ±3 miles from I-240 (over 151,000 VPD), offering quick access to the broader metro, and ±5 miles from Downtown Memphis, the Medical District, and the Port of Memphis. Positioned within a 3-mile trade area of ±90,000 residents and a 5-mile trade area of ±221,045 residents with an average household income of ±$77,909, the site is supported by a strong and diverse consumer base. With its combination of neighborhood density, corporate anchors, and regional connectivity, the Property is well-positioned to capture demand from both local residents and the broader Memphis market.

John Roebuck
c/o Fisher Auction Company Inc.
License: 1702
TN Broker No. 00022430
The platform fee for this transaction is the greater of 5.00% or a minimum of $20,000.

Documents: