Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1024 HWY 51 Covington, TN 38019

    View on Map
    For Sale
    $185,000

    Commercial - Covington, TN

    Added:
    Nov 22, 2025
    Days on Market:
    134
    Last Refresh:
    Apr 5 at 3:06 pm

    Property Features for 1024 HWY 51

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active

    Taxes and HOA fees

    Tax Annual Amount
    1317

    Building Details

    Year built
    1989
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Uttz
    Lisa Uttz

    Listing agent Lisa Uttz

    Listing office MidSouth Residential, LLC 81 Atoka-McLaughlin Rd Ste A, Atoka, TN

    Listing date Nov 22, 2025

    MLS# 10210315 Listing URL

    Copyright © 2026 Memphis Area Association of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Land For Sale Covington, TN

    Commercial land is available for purchase in Covington, Tennessee. The property is located at 1024 HWY 51, Covington, TN 38019.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Pharmacy Hotel & Motel Auto Parts Store Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.631308
    Latitude
    35.595674

    Nearby Similar for Sale

    • $990,000
      23,486 SF

      Covington Commercial Buildings on 7 Acres

      23,486 SF commercial buildings on 7 acres for sale.
      2425 Rialto Road, Covington, TN 38019
      View Details
    • $900,000

      Covington Commercial Land For Sale

      6.2 acres of commercial land with existing building.
      888 HWY 51, Covington, TN 38019
      View Details
    • $240,000

      Covington Commercial Corner Lot Opportunity

      Two residential properties zoned B-2, ideal for commercial development.
      100 HOLLY GROVE, Covington, TN 38019
      View Details
    • $1,100,000

      Covington Industrial Building with Crane

      20,000 SF industrial building with expansion potential in Covington, TN.
      1000 JETTON, Covington, TN 38019
      View Details
    • $710,000
      9,040 SF

      Retail and Restaurant Investment Opportunity

      Retail and restaurant spaces for sale in Covington, Tennessee.
      928 Hwy 51 S, Covington, TN 38019
      View Details
    • $30,000

      Residential Land in Covington, TN

      1.44 acre lot ready for your dream home.
      LOT 5 OIL MILL, Covington, TN 38019
      View Details
    • $40,000

      Residential Land in Covington, TN

      1.68 acre lot ready for your dream home!
      LOT 3 OIL MILL, Covington, TN 38019
      View Details
    • $30,000

      Residential Land in Covington, TN

      1.87 acre lot ready for your dream home.
      LOT 6 OIL MILL, Covington, TN 38019
      View Details
    • $30,000

      Land Ready For Your Home

      2.7 acre lot ready for your dream home!
      LOT 8 OIL MILL, Covington, TN 38019
      View Details
    • $30,000

      Residential Land in Covington, TN

      1.69 acre lot ready for your dream home!
      LOT 7 OIL MILL, Covington, TN 38019
      View Details
    • $204,000

      24 Acres of Farmland

      24 acres of farmland in Tipton County for sale.
      1622 SANFORD, Covington, TN 38019
      View Details
    • $270,000

      20 Acres Land in Covington

      20 acre lot perfect for building your dream home.
      0 OIL MILL RD, Covington, TN 38019
      View Details

    FAQs

    What type of property is this?
    Commercial land - Commercial land available for purchase in Covington, Tennessee.
    Where is this commercial land located?
    The property is located at 1024 HWY 51 Covington, TN.
    What is the asking price?
    The asking price for this property is $185,000.
    What are key features of this property?
    This property features: Built in 1989
    (901) 481-1366
    We can help!
    Listing Contact
    Lisa Uttz
    Lisa Uttz
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!