Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Renovated Retail Space Available Title is generated by Realmo AI

    975 Hwy 51 N, Covington, TN

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Renovated retail space with strong co-tenancy and high visibility.

    Type:RETAIL
    Property size:
    34,380 SF
    Lot size:
    16.56 Acres
    Added:
    Apr 21, 2025
    Days on Market:
    412
    Last Refresh:
    May 19 at 10:02 pm

    Property Features for 975 Hwy 51 N

    General Information

    Standard status
    Active
    Size
    34,380 SF
    Lot size
    16.56 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 975 Hwy 51 N Contact us

    We can help!

    Listing Contact
    Reid Lanigan
    Reid Lanigan

    Listing agent Reid Lanigan

    Listing office Jones Aur Commercial Real Estate | Memphis

    Listing date Apr 21, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Jones Aur Commercial Real Estate | Memphis

    HighLights

    • Close proximity to Ford's Blue Oval City Project ($5.6 billion project)
    • Strong retail co‑tenancy with Tractor Supply Co., Bealls, Dollar Tree, and Five Below
    • Pylon signage and great visibility on a major retail thoroughfare
    • Newly renovated in 2023 including all new HVAC units
    • Large second floor mezzanine with offices and storage areas
    • Traffic Counts: US 51 N (12,539 AADT)

    Overview

    This retail property, newly renovated in 2023 with new HVAC units, offers a substantial space with a large second-floor mezzanine that includes offices and storage areas. The property benefits from strong retail co-tenancy, sharing the location with Tractor Supply Co., Bealls, Dollar Tree, and Five Below. Situated on a major retail thoroughfare, the location provides excellent visibility and pylon signage opportunities. The property is in close proximity to Ford's Blue Oval City Project, a $5.6 billion development. Traffic counts on US 51 N are 12,539 AADT.
    Property Profile Location Intelligence

    Current Use by Public Records

    Zippy Carpet Cleaning's ... Carpet Cleaning Service

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel

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

    Similar Places Nearby

    • North Plaza Shopping Center — Covington, TN 38019
    • Park Plaza — 877 U.S. 51 S, Covington, TN 38019

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.6428
    Latitude
    35.5825

    Nearby Similar for Lease

    • $1,300/Mo
      1,300 SF

      Remodeled Retail Spaces Available

      Two remodeled retail spaces available with high traffic potential.
      4705 MUELLER BRASS Rd, Covington, TN 38019
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in Covington Hub

      1,500 sq ft retail space in high-traffic Covington location.
      1618 Highway 51 S, Covington, TN 38019
      View Details
    • Contact for pricing
      700 SF

      Retail Space on Highway 51

      Retail space available near Ford BlueOval City and national retailers.
      881 Highway 51 S, Covington, TN 38019
      View Details
    • $1.00 SF/Yr

      Versatile Flex Space Available

      Adaptable commercial spaces for lease, suitable for various businesses.
      114 W LIBERTY AVE, Covington, TN 38019
      View Details
    • Contact for pricing
      151,382 SF

      Industrial Space Available For Lease

      151,400 SF industrial space available for lease.
      1111 Hope Street, Covington, TN, 38019
      View Details
    • Contact for pricing

      Retail and Office Spaces Available

      Retail and office spaces for lease in Covington, Tennessee.
      919 Highway 51 S | Covington, TN 38019
      View Details
    • Contact for pricing

      Retail Opportunity Near Ford Plant

      Retail spaces and drive-thru opportunity near Ford BlueOval City.
      887 Highway 51 S, Covington, TN
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space Near Walmart

      Highway 51 retail space shadow-anchored by Walmart.
      1618 TN-3, Covington, TN
      View Details
    • Contact for pricing
      700 SF

      Retail Space on Highway 51

      Retail space and drive-thru available on Highway 51.
      881 Highway 51 S, Covington, TN 38019
      View Details

    FAQs

    What type of property is this?
    Shopping center - Renovated retail space with strong co-tenancy and high visibility.
    Where is this shopping center located?
    The property is located at 975 Hwy 51 N Covington, TN.
    What are key features of this property?
    This property features: Close proximity to Ford's Blue Oval City Project ($5.6 billion project); Strong retail co‑tenancy with Tractor Supply Co., Bealls, Dollar Tree, and Five Below; Pylon signage and great visibility on a major retail thoroughfare
    (901) 661-9775 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Reid Lanigan
    Reid Lanigan
    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

    Thank You for Inquiry
    975 Hwy 51 N, Covington, TN
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!