Crane Co. Building of Memphis | 254 Court Ave
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Crane Co. Building of Memphis 254 Court Ave
53,800 SF 95% Leased Office Building Memphis, TN 38103 $4,550,000 ($85/SF)
Investment Highlights
- Unique opportunity to acquire a premium performing downtown office building.
- Fully Renovated - 90% Occupancy - Majority Attorney Tenants - Private Gated Parking - Zero Trust Access Security
- Property management and revenue guarantee option.
- Ideal Investor, Owner-User Purchase, or 1031 Exchange.
- 5 mins easy access to Interstate I-40 & I-240, 12 mins to MEM International Airport, 20 mins to East Memphis.
- 75% Finanacing at 5.75% available
Executive Summary
UNIQUE INVESTMENT OPPORTUNITY for Owner-User, 1031 Exchange or Cash Flow Investor
Cutler Property Group, the owner, is pleased to offer for sale the historic Crane Co. Building of Memphis. Built in 1904, the Crane Co. Building of Memphis was the first reinforced fire-proof building in the Mid-South.
This six-story 53,800-square-foot office building was recently completely rehabbed into Class “A” FLEX offices providing individual offices and suites to professionals and businesses. The building fully meets all current building and fire codes and is ADA-compliant.
The upgraded systems include 100% fire sprinkler coverage, fire detection & alarm monitoring, comprehensive security alarm coverage, exterior/interior HD cameras with remote viewing, Cat 5 wiring and building-wide WiFi.
The building benefits from fiber service from both AT&T and Comcast. In 2023 a new HVAC central controller with new individual unit controllers were installed for improved comfort and energy efficiency.
The Crane Co. Building of Memphis is strategically located at 254 Court, Memphis, TN 38103 in Downtown Memphis’ Central Business District (CBD) (a designated Opportunity Zone). It is a short walk (within three blocks) to
the main courthouse, many hotels & restaurants, Autozone Park and the Downtown YMCA. Within a one-mile radius of world-famous Beale Street, St-Jude Children’s Research Hospital campus, FedEx Forum, and the Mississippi River / Tom Lee Riverfront Park. This offering comes with an adjacent private gated 43-car parking lot.
Cutler Property Group, the owner, is pleased to offer for sale the historic Crane Co. Building of Memphis. Built in 1904, the Crane Co. Building of Memphis was the first reinforced fire-proof building in the Mid-South.
This six-story 53,800-square-foot office building was recently completely rehabbed into Class “A” FLEX offices providing individual offices and suites to professionals and businesses. The building fully meets all current building and fire codes and is ADA-compliant.
The upgraded systems include 100% fire sprinkler coverage, fire detection & alarm monitoring, comprehensive security alarm coverage, exterior/interior HD cameras with remote viewing, Cat 5 wiring and building-wide WiFi.
The building benefits from fiber service from both AT&T and Comcast. In 2023 a new HVAC central controller with new individual unit controllers were installed for improved comfort and energy efficiency.
The Crane Co. Building of Memphis is strategically located at 254 Court, Memphis, TN 38103 in Downtown Memphis’ Central Business District (CBD) (a designated Opportunity Zone). It is a short walk (within three blocks) to
the main courthouse, many hotels & restaurants, Autozone Park and the Downtown YMCA. Within a one-mile radius of world-famous Beale Street, St-Jude Children’s Research Hospital campus, FedEx Forum, and the Mississippi River / Tom Lee Riverfront Park. This offering comes with an adjacent private gated 43-car parking lot.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Building Size
53,800 SF
Building Class
B
Year Built/Renovated
1904/2023
Price
$4,550,000
Price Per SF
$85
Percent Leased
95%
Tenancy
Multiple
Building Height
6 Stories
Typical Floor Size
8,967 SF
Slab To Slab
11’
Building FAR
1.65
Lot Size
0.75 AC
Opportunity Zone
Yes
Zoning
CBD - Downtown Commercial Business District & Opportunity Zone
Parking
45 Spaces (0.84 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Signage
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Professional, Scientific, and Technical Services
- -
- -
- -
- -
The Law Firm of Ahmad Zaffarese LLC, a certified Minority Business Enterprise (MBE), is comprised of a highly skilled group of attorneys and staff. Each member of their firm brings a breadth of experience in diverse areas of the law, as well as their own personal style and accomplishments. Collectively, they form a team focused on you. They work strategically, creatively, collaboratively and pragmatically to give you solutions to your legal needs.
- Eskridge & Eskridge Law Firm, PC
- Professional, Scientific, and Technical Services
- -
- -
- Full Service Gross
- -
- Fargarson & Brooke
- Professional, Scientific, and Technical Services
- -
- -
- Full Service Gross
- -
- Gulley Law Firm
- Professional, Scientific, and Technical Services
- -
- -
- Full Service Gross
- -
- Rainwater, Holt & Sexton
- Professional, Scientific, and Technical Services
- -
- -
- Full Service Gross
- -
- Reaves Law Firm, PLLC
- Professional, Scientific, and Technical Services
- -
- -
- Full Service Gross
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Professional, Scientific, and Technical Services | - | - | - | - | |
| Eskridge & Eskridge Law Firm, PC | Professional, Scientific, and Technical Services | - | - | Full Service Gross | - | |
| Fargarson & Brooke | Professional, Scientific, and Technical Services | - | - | Full Service Gross | - | |
| Gulley Law Firm | Professional, Scientific, and Technical Services | - | - | Full Service Gross | - | |
| Rainwater, Holt & Sexton | Professional, Scientific, and Technical Services | - | - | Full Service Gross | - | |
| Reaves Law Firm, PLLC | Professional, Scientific, and Technical Services | - | - | Full Service Gross | - |
Walk Score ®
Very Walkable (86)
Bike Score ®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $438,360 | |
| Land Assessment | $173,720 | Total Assessment | $612,080 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$173,720
Improvements Assessment
$438,360
Total Assessment
$612,080
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Crane Co. Building of Memphis | 254 Court Ave
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