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    Fara Captain
    Broker | Owner | REALTOR® ~ Pronouns: she/her

    339 Madison Ave

    Memphis, TN 38103

    $850,000

    For Sale

    Request Info

    339 Madison Ave Memphis, TN 38103

    $850,000

    For Sale

    4 Beds
    3 BATHS
    ---- SQ/FT
    1923 YEAR BUILT

    HISTORY

    At 339 Madison Ave in Downtown, you may have noticed the large, neon “Advance Rubber Stamps” sign. As one of the few neon signs left in the city, the artful piece is only the beginning of what continues inside of this property. 

    Built in 1923, this two-story building has been through multiple iterations of life. Conceived as a commercial structure, 339 Madison has served its tenants over the past century and beyond from businesses to families. During the  first stage of the building’s cycle the electric company Cronin, Baker, and Tindall called the building home. By 1944 the building was sold by Mr. Cronin’s widow, Mary Cronin to Paul and William Gruenbergs. The brothers renovated the building and founded Advance Rubber Stamp Works, Inc. At this time both the upstairs apartment and (now historical) neon sign were added. In 1978 Thomas A. Davis, a previous employee of Advance Stamps, purchased the building and the company where he had already been operating his own company Accurate Engraving Services. 

    It was not until 2004 did ownership change again under Charles and Regina Hodges. Now known as Advance Rubber Stamp Works and Accurate Graphics, the business primarily focused on sign works from 2004 until 2012. Both business and building changed ownership in 2012 with history repeating itself with brothers Jeremy and Christopher Smith. In 2015, the current owner purchased the property and once again turned the commercial/residential split space into a home.  

    CREATIVE OPTIONS FOR
    THE NEXT OWNER

    As History has shown us, 339 Madison can be used as anything from a multiplex to a coffee shop. New Owner can dream of a coffee shop, office, artist/ work/live space, event venue, retail space, multi-unit, hostel, Bed & Breakfast, Airbnb, a restaurant or other opportunities.  

    339 Madison is a fantastic opportunity for someone that wants to tap into the Opportunity Zone Funds that are available for this area. 

    As a commercial space, this property has approximately 9,000-10,000 square feet of potential to play with. Including a built out entry with original (and still working) display windows, large basement, loading dock/garage, with several rooms and/or open areas for either individual offices or co-working spaces. 

    OPTIONS TO CONSIDER:

    LIVE/WORK SPACE IDEA:

    New Owner could make the store front a retail space attached by a studio apartment right in the back of the retail space. 

    The upstairs workshop space could be converted into another living studio space; the new owner would need to add a bathroom and kitchen to the space. Or this area could be used as an art studio or wood shop rental. 

    The top floor could be used as a spacious 4 bedroom, 2.5 bathrooms with a large Den, built in office and dining room accompanied by a large kitchen and an adorable Sun room. 

    MULTIPLEX, AIRBNB, BED AND BREAKFAST, HOSTEL:

    New Owner could make the store front area a lobby and lounge. And divide up the rest of the space into separate rentable spaces, either for Airbnb short term rentals, or a bed and breakfast. 

    The upstairs workshop space could be converted into another living studio space; the new owner would need to add a bathroom and kitchen to the space. 

    The top floor could be divided into multiple room spaces and units by adding a long hallway and dividing up the space to separate access points to each living area. 

    lot box
    Lot size:4,158 sq/ft
    lot box
    Property type:Residential | Commerical
    lot box
    MLS number:10109792
    lot box
    Parcel number:005001 00008
    To summarize a multi-unit (5 studios) could look like the following:
    • Downstairs studio (has a kitchen and a gorgeously updated bathroom).
    • Built out second studio (near the loading dock). 
      • Also, see the blue tape on the floors where a wall could be added
    • The spacious Den and Dining area space could be converted to another studio. 
      • New owner would need to add a kitchen and bathroom.
    • The 4 bedrooms in the back could be divided into two more studio units each with its own separate entrance. 
      •  A kitchen would need to be added.

    COFFEE SHOP, COWORK SPACE:
    New Owner could make the downstairs the coffee shop with rentable units right above. 

    OFFICE SPACE:
    The entire building could be used as an office with several office spaces and ways to divide up the building from private suites to conference rooms and common work spaces.

    BASEMENT:
    Can be rented out for workshops or mini art studios or create a divided storage facility for the tenants, or a gym.

    PARKING:
    Currently, there are two covered spots in the loading dock. Parking would need to be discussed with a designer/architect. Listing Agent is speaking with the neighboring owner to discuss if leasing the parking lot is an option for future buyers.

    The opportunities are endless! Bring your creative idea and explore 339 Madison today.

    A TOUR OF THE PROPERTY

    Welcome to 339 Madison. As you walk through the front door, you are greeted by the front area currently being used as a lobby. This area could also be used as a hang out lounge. Open up the working, original display windows to put in your holiday decor or highlight your merchandise.

    Continue through to the back where you’ll find a studio with an updated bathroom and kitchen. The New Owner could either rent this area out as a studio or, use it as one of the commercial office space options. 

    Heading upstairs you will be met with a long hallway. This also connects to the back area of the building. As you continue all the way to the back, say hello to your new workshop. Or, convert this area into an art studio. Walk out just a little further, open up those double doors and here you will also find the loading area. With plenty of room for cars and height to be able to bring product or inventory in and out, the back area brings a nice addition to the property.

    Turning back to the main staircase, go up to the top floor. Opening the wood paneled doors, you are greeted immediately with the living room and den. Take a right, noticing the fireplace and all the built in shelving. Peering out the windows, you will be able to see the Advance Rubber Stamps sign and the Madison Trolley line. 

    Rotating towards the back of the building, you begin to see the rest of the current living space. You will enter into the kitchen, followed by an adorable sun room, 4 bedrooms, and 2 full bathrooms. As the New Owner, you could turn this space into a multiplex by adding a bathroom where there’s a current closet on this floor, along with another kitchen. Bedroom 4 near the South end of the building also has a stairwell that (with work) can be converted and connected back to the current loading dock level. This would allow for a 2nd entrance for another studio.

    Looking back towards the North end of the building, head for the main stairs. As you take them all the way down you will enter the basement. This area is massive and ripe with potential. Use it for storage, convert it to a gym, or perhaps more art studios. 

    What does 339 Madison Ave have in store for you? Will this be your businesses’ next location? Or perhaps you will make this space into the residential space of your dreams! Or, will you decide to continue in the building’s history and do both?

    THE NEIGHBORHOOD & AREALocated in the heart of Downtown Memphis. Close proximity to the Memphis Redbirds Stadium, Madison Station trolley line, Main Street amenities and more!
    EXTERIOR HIGHLIGHTS
    • Lobby 28x23
    • Office 9x7
    • Room 1 23x17
    • Studio 22x41
    • Den Living room 17x21
    • Room 2 23x16
    • Workshop 22x43
    • Kitchen 14x14
    • Room 3 14x17
    • Dining Room 22x13
    • Sunroom 8x19
    • Room 4 15 x14
    Photos
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    Fara Captain
    Broker | Owner | REALTOR® ~ Pronouns: she/her
    Fara CaptainBroker | Owner | REALTOR® ~ Pronouns: she/her

    Fara Captain is the owner/broker of Captain & Co. Real Estate,LLC, a leading Boutique firm in Memphis. She is a dynamic changemaker eager to create sustainable development in Memphis. She currently serves both the residential and the commercial industry. She is currently one of the emerging developers on the North Poplar project. She recently completed the REDi program class of 2020 and became certified in D&I training through eCornell University. Prior to entering the world of real estate, she worked in the commercial construction sector, including the Golden Gate Bridge Seismic Retrofit, the award winning El Camino Hospital and a few schools in New Orleans post-Katrina. Fara graduated with a B.S in Civil Engineering, from the University of California, Davis.

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    Phone: 901.390.4663
    Position: Broker | Owner | REALTOR® ~ Pronouns: she/her
    Mobile: 901.500.8034
    Testimonials

    Fara is wonderful!

    teti quote Maggie

    While this wasn’t the 1st home we purchased, the experience of being a buyer and a seller and purchasing an old home versus a newly built condo was ...

    teti quote Maggie

    Fara and her team are there for you every step of the way. Can’t Imagine working with anyone else

    teti quote Maggie & Ryan

    Fara did a great job. So did Dylan

    teti quote Kyle