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309 Monroe Ave
Memphis, TN 38103

SSA, Office of Disability · Office Property For Sale

Investment Highlights

  • New Succeeding 10-Year Lease (5-Firm / Non-Cancellable)
  • Uniquely Positioned in Downtown Memphis Surrounding a Significant Development Boom
  • Per 2020 Census, the Memphis MSA Population Boasts over 633,000 Residents
  • Level II Security Facility Constructed to Meet GSA’s Rigorous Design Specifications
  • 2008 Renovate-to-Suit, Taken to the Studs with a Complete Retrofit
  • Moody’s AAA Rated Credit Tenant

Executive Summary

The Ficke Team of Colliers has been selected to exclusively market for sale the Social Security Administration (SSA) Office of Hearings Operations (OHO) Field Office in downtown Memphis, Tennessee. This unique judicial court and specialized office building was built to meet the extensive design specifications of the General Services Administration (GSA). GSA recently extended a 10-year succeeding lease extension with the first 5-years firm and non-cancellable. The lease is backed by the full faith of the U.S. federal government, which maintains a AAA credit rating through Moody’s.
Memphis is a city in the U.S. state of Tennessee. It is the seat of Shelby County, in the southwestern most part of the state, and is situated along the Mississippi River. With a population of 633,104 at the 2020 U.S. census, Memphis is the second-most populous city in Tennessee after Nashville. Memphis is the fifth-most populous city in the Southeast, the nation’s 28th-most populous overall, as well as the largest city bordering the Mississippi River and third largest metropolitan statistical area behind Greater St. Louis and the Twin Cities on the Mississippi River.
The city is home to a major professional sports team, the Grizzlies of the NBA and the Memphis Showboats of the USFL. Other attractions include Graceland, the Memphis Pyramid, Sun Studio, the Blues Hall of Fame and Stax Museum of American Soul Music. Memphis-style barbecue has achieved international prominence, and the city hosts the annual World Championship Barbecue Cooking Contest, which attracts more than 100,000 visitors each year. Higher-level educational institutions include the University of Memphis, Christian Brothers University and Rhodes College

PROPERTY FACTS

Sale Type
Investment
Property Type
Office
Building Size
22,677 SF
Building Class
C
Year Built
1940
Price
$5,535,000
Price Per SF
$244
Cap Rate
8%
NOI
$442,800
Tenancy
Single
Building Height
1 Story
Typical Floor Size
22,677 SF
Building FAR
0.33
Lot Size
1.56 AC
Opportunity Zone
Yes
Zoning
CBD - Central Business District
Parking
113 Spaces (1.2 Spaces per 1,000 SF Leased)

Amenities

  • Bus Line
  • Commuter Rail
  • Signage

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
00-5002-0-0005C
Land Assessment
$406,920
Improvements Assessment
$537,320
Total Assessment
$944,240
  • Listing ID: 33788672

  • Date on Market: 11/7/2024

  • Last Updated:

  • Address: 309 Monroe Ave, Memphis, TN 38103

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