Population
633,000
Growth (5Y)
+0.8%
Median Income
$49,000
Metro GDP
$73B
Market Overview
Memphis is a high-yield NNN investment market driven by its status as the undisputed logistics capital of the Mid-South. FedEx's world headquarters — combined with Amazon, Nike, Medline, and dozens of major distribution centers — creates one of the nation's densest logistics employment bases. AutoZone's national headquarters gives Memphis investors particularly strong access to corporate-guaranteed auto parts NNN leases. Cap rates of 6.25–8.0% are among the highest of any major market in the Southeast, offering outstanding initial yields.
Key Highlights
FedEx World Headquarters anchors one of the largest logistics/distribution ecosystems in the US
AutoZone's national headquarters is in Memphis, with particularly strong NNN presence
Highest cap rates in the Mid-South region offer strong initial yield for value investors
Tennessee zero income tax makes Memphis attractive for investor capital despite lower incomes
Why Invest in Memphis
- 1FedEx HQ and dense logistics ecosystem create recession-resistant employment anchor
- 2AutoZone national HQ — exceptional access to corporate-guaranteed auto parts NNN assets
- 3Highest cap rates in the Tennessee-Mississippi corridor (6.25–8.0%) for yield-focused investors
- 4Tennessee zero income tax preserves investor returns despite lower regional income levels
Recent NNN Activity
"Memphis NNN market posted $160M in transactions in 2024. Dollar General and AutoZone assets in suburban Shelby and Desoto counties drew the most 1031 exchange buyers attracted to high cap rates. FedEx-adjacent retail development continues in the Airport and Southgate submarkets."
NNN Snapshot
Cap Rate Range
6.25% - 8%
Price Range
$0.9M - $2.8M
Avg Lease Term
10 Years
Unemployment Rate
5.1%
Active NNN Tenants
AutoZoneDollar GeneralMcDonald'sCVSFamily DollarO'Reilly Auto PartsWalgreens
Major Employers
FedExSt. Jude Children's Research HospitalAutoZone HQInternational PaperNike DistributionMedline
Find NNN Properties in Memphis
Our advisors have exclusive, off-market NNN inventory in the Memphis market right now. Contact us to see what's available before it hits the public market.