32 Opportunity Zones in this county. Part of Tennessee, 176 current zones.
Current Opportunity Zones
32
Designated through December 31, 2028
OZ 2.0 Zones (2027 to 2036)
15
Designated by Treasury. Effective January 1, 2027.
Rural Eligible
2
Rural tracts in the eligible pool. Rural funds can earn a 30% basis increase.
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4 current zones in this county are not eligible for OZ 2.0. New property acquired in them after December 31, 2026 generally will not qualify. See them on the map.
This map opens on the official 2027 designated Shelby County Opportunity Zones (deep blue), effective January 1, 2027, from the list Treasury published November 5, 2026. Use the Layers panel to see the original 2018 zones (gold, in effect through December 31, 2028), both maps together, or the non-final eligible pool. On the 2027 view, the rural toggle shows only tracts marked Rural on the official list. See every designated Tennessee tract on the 2027 list.
Shelby County has 32 designated Qualified Opportunity Zones concentrated in Memphis, including neighborhoods across South Memphis, North Memphis, Orange Mound, Frayser, and the medical district corridor. Memphis's OZ footprint covers large portions of the city's urban core, some of the most affordable urban real estate in any major American city, offering extremely low acquisition costs for investors willing to underwrite the market's distinctive risk profile.
Memphis's OZ investment case is anchored by St. Jude Children's Research Hospital, which has anchored a multi-billion dollar medical district expansion adjacent to OZ-eligible areas, and FedEx, whose global hub at Memphis International Airport makes the city the second-busiest cargo airport in the world. Workforce housing and light industrial investment have been the most active OZ asset classes.
What is an Opportunity Zone census tract?
Each Opportunity Zone is defined at the census tract level by the U.S. Census Bureau. Investors must deploy eligible capital gains into a Qualified Opportunity Fund (QOF) that invests in property or businesses within these designated tract boundaries. The tract GEOID numbers listed above identify each designated zone in Shelby County.
How do I invest in Shelby County Opportunity Zones?
Investments must be made through a Qualified Opportunity Fund (QOF). Capital gains must be reinvested within 180 days of the gain recognition event. Consult a qualified tax advisor to determine your eligibility and structure your investment. You can also visit our Find OZ Help page to connect with an OZ specialist.