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  3. Memphis
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For Lease

The Commonwealth

240 Madison Ave, Memphis, TN 38103

3,138

SF Available
Originally constructed in 1926 as the Medical Arts Building and comprehensively redeveloped in 2019, this historic mixed-use building offers 3,138 SF of ground-floor retail space featuring high ceilings, large storefront windows, and modern infrastructure. The building also includes 40 modern apartments on the upper floors. Additionally, an optional 1,007 SF of basement space is available, along with a spacious 1,800 SF patio ideal for outdoor dining or retail activation.Originally constructed in 1926 as the Medical Arts Building and comprehensively redeveloped in 2019, this historic mixed-use building offers 3,138 SF of ground-floor retail space featuring high ceilings, large storefront windows, and modern infrastructure. The building also includes 40 modern apartments on the upper floors. Additionally, an optional 1,007 SF of basement space is available, along with a spacious 1,800 SF patio ideal for outdoor dining or retail activation.

Key features

  • Flexible layout suitable for retailers, restaurants, or service-oriented businesses
  • Surrounded by residential growth, including 40 on-site apartments and nearby developments like One Beale and the revitalization of the Sterick Building
  • Traffic Counts: Union Avenue (13,275 AADT) and S Danny Thomas Blvd (17,697 AADT)
  • Within walking distance to major attractions including AutoZone Park, Beale Street, the FedEx Forum, and the Orpheum Theatre.

Rental Details

  • Number of spaces 1
  • Total square feet available 3,138 SF
  • For Lease Contact for pricing
  • Space Types Retail
  • Lease Type NNN
  • Date Updated May 15, 2026
Want more info on this listing?

Reach out to the broker for more info on lease terms and amenities

True

For Lease 1 Space Available

Suite 101-102

  • Space Type Retail
  • Lease Rate Contact for pricing
  • Total Space Available 3,138 SF
  • Divisible Space 3,138 - 3,138 SF
  • Available Date Immediate
  • Lease Type NNN
  • Renewal Option Yes
  • Sublease No
broker
Dustin Jones

Jones Aur Commercial Real Estate

Contacts

broker
Dustin Jones

Jones Aur Commercial Real Estate

Building Details

  • For Lease Contact for pricing
  • Property Type Retail - Street Retail
  • Property Size 66,004 SF
  • Units 40
  • Lot Size 0.51 Acre
  • Building Class A
  • Year Built 1926
  • Date Updated May 15, 2026

Attachments

  • Property Brochure 1 ()opens in new window

Getting Around

  • Walk Score ®

    Very Walkable (90)
  • Transit Score ®

    Good Transit (52)
  • Bike Score ®

    Very Bikeable (84)
Powered by Walk Score ®

Location

  • City Memphis, TN
  • Neighborhood Downtown Memphis
  • Zip Code 38103
  • Market Memphis
  • Map
  • Street

Points of Interest

Danny Thomas

0.28 miles

Madison

0.29 miles

South Court

0.29 miles

North Court

0.30 miles

Jefferson

0.32 miles

Union

0.33 miles

Peabody Place

0.40 miles

Civic Center Plaza

0.40 miles

Jefferson Avenue

0.44 miles

Exxon

1.39 miles

Mobil

1.42 miles

BP

1.81 miles

Citgo

1.91 miles

Kroger

1.96 miles

ChargePoint

8.95 miles

Toyota Center Parking Garage

0.12 miles

First Tennessee Bank Parking Garage

0.17 miles

One Memphis Place Garage

0.17 miles

Hilton Garden Inn Lot

0.23 miles

First Place Parking

0.23 miles

One Commerce Square Garage

0.27 miles

Peabody Place Parking Garage

0.29 miles

100 North Main Parking Garage

0.31 miles

60 Madison Ave

0.34 miles

Cordelia's Market

1.22 miles

Viet Hoa Food Market

1.84 miles

Kroger

1.88 miles

Cash Saver

2.34 miles

The Fresh Market

3.37 miles

Superlo Foods

4.31 miles

ALDI

5.85 miles

High Point Terrace Shopping Center

6.23 miles

High Point Grocery

6.24 miles

240 Madison Ave Listing Summary

  • The Price for Retail Space at 240 Madison Ave

    The cost of renting retail space in a property highly depends on features such as its location, parking availability and type of retail space, or advantages and features that might be unique to it. For details on asking rent or information on other costs, use the contact form available on this page to reach out to the property representative.

    240 Madison Ave is located in the Downtown Memphis neighborhood, which is home to a total of 18 retail listing(s). In the case of most businesses that need retail space, access to potential customers is critical. This can come in the form of retail space situated in high-traffic pedestrian areas, or convenient suburban locations with good public transport or plenty of parking. Reach out to the listing broker for information on best parking and other access options at or near the property.

  • Retail Space Options Available at 240 Madison Ave

    The property exclusively contains Retail space totaling 3,138 square feet. The leasing opportunity here is available under NNN lease terms.

    In addition to retail space type, you will also need to consider the space size that you need for your business to operate at its best. You will find 1 retail space(s) ranging from 1,000 square feet to 10,000 square feet at 240 Madison Ave, which can serve small or medium retail businesses that are planning to accommodate growth throughout the duration of their lease at this address. For more information or to schedule a tour of the property, reach out using the contact form on this page to get in touch with a broker.

  • Get to Know the Retail Scene in the Downtown Memphis Neighborhood

    240 Madison Ave is located in the Downtown Memphis neighborhood of Memphis. The Downtown Memphis retail market offers 18 retail listing(s), representing a total of 44,792 square feet of retail space for lease.

    The most common retail type in the Downtown Memphis neighborhood is Creative Office, of which the market currently offers 5 space(s). You can also find 1 Street Retail space(s).

    When looking for retail space for your company, picking the right area is essential. Some neighborhoods have a long history of being top shopping destinations in general, while others gain a reputation for strongly representing a specific type of business. In addition to knowing the reputation of your chosen business location neighborhood, it’s also important to know your customer base. For instance, the average Downtown Memphis resident is 36 years old, and the median household income here is $34,015 per year.

Contact Listing Broker
broker
Dustin Jones

Jones Aur Commercial Real Estate

  1. 1Main information
  2. 2Extra information
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