Lewis & Rasberry : Memphis Commercial Realtors

Property Status: Active

320 Monroe and adjacent Vacant Parcel

The building at 320 Monroe is a steel and concrete building with brick veneer constructed approximately in 1946. The building is sprinkled. The land area of 320 Monroe is 11,138 square feet. The ground floor opens to Monroe and has dimensions of approximately 75 feet by 140 feet yielding 10,500 square feet. The basement opens directly on the alley, has clear height of 9 feet and dimensions of 75 feet by 87.5 yielding 6562 square feet for a total building square footage of approximately 17,062 square feet. From 1979 through 2007, the building housed the William Harris Co., a soft goods company. Since that time, major repairs include removal of the previous roofs, repair of the roof deck, and the application of a new roof. Additionally, a 15-ton Trane HVAC unit has been repaired and is in good working order; it had been used to cool the office and warehouse area. Miscellaneous non-load bearing walls have been demolished and the building is now a clean open space both up and down with a small office showroom located at the entry from Monroe.

The vacant land adjacent to 320 Monroe on its east side has dimensions of 103 feet on Monroe by a depth of 148.5 feet totaling approximately 15,295 square feet. The accompanying drawings conceptualize using the 320 Monroe for indoor secured parking for new residential units to be built on the vacant land. Entry from the alley with direct access to the basement and through a ramp to the ground floor would yield approximately 16 spaces per floor, 32 total, while maintaining commercial space on Monroe of approximately 4000 square feet. Since there is a full floor grade drop from Monroe to the North alley, additional parking could be obtained by excavating the vacant lot and parking under some or all of the new structure.

We have had initial conversations with the Center City Commission and have found them receptive to the use of a PILOT on this project (Payment In Lieu of Taxes). Initial estimates show a tax saving of in excess of $500,000 PV by using a PILOT on an apartment project. The area is convenient to all of the Downtown amenities, yet because Monroe continues West only until the AAA Baseball Park, it is a quiet street with easy access to not only the Downtown Core, but to Danny Thomas and the Interstate Highways.

320 Monroe and the adjacent vacant parcel are being offered currently for $695,000.00. Should you have further questions, please contact James Rasberry at Rasberry CRE, 901.722.8234.

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