Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Medical Building with Exam Rooms Title is generated by Realmo AI

    1721 Highway 51 S, Covington, TN 38019

    View on Map
    Claim this Listing
    New
    For Sale
    $399,000

    Commercial - Covington, TN

    Property size:
    2,000 SF
    Lot size:
    1.00 Acre
    Price / SF:
    $199/SF
    Added:
    May 21, 2026
    Days on Market:
    2
    Last Refresh:
    May 22 at 8:06 am

    Property Features for 1721 Highway 51 S

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3
    Parking features
    Garage
    Standard status
    Active
    APN
    000000-000.000-0000-0004.000
    Size
    2,000 SF
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Annual Amount
    0

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1989
    Year renovated
    1989
    Floors in Building
    1
    Flooring type
    Linoleum
    Building materials
    Brick
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Jim Williams

    Listing agent Jim Williams

    Listing office Tiger Realty 130 Logan Dr, Covington, TN

    Listing date May 21, 2026

    MLS# 11779284 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey medical office space featuring 4 exam rooms.
    • Dedicated patient and staff/patient restrooms for convenience.
    • Separate patient and staff parking areas.
    • Includes a waiting room, break room, and counseling area.
    • Durable brick construction and asphalt roof.
    • Central air conditioning and natural gas heating.

    Overview

    This commercial property in Covington, Tennessee, is configured as a medical building, featuring a waiting room, guest restroom, office, break room, counseling area, and four exam rooms. The treatment area includes two staff/patient restrooms. Patient parking is available in the front, with staff parking located in the rear. The building has a total size of 2000 square feet and is situated on a 1-acre lot. Note that the medical equipment is not included in the sale.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $280.6K
    NOI $25,250 @ 9.00% cap · cautious / downside scenario
    Moderate
    $360.7K
    NOI $25,250 @ 7.00% cap · market / base-case scenario
    Aggressive
    $505.0K
    NOI $25,250 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Office B

    Component $ $/SF
    Gross rent $40.1k $20.04
    − Vacancy −$6.4k −$3.21
    EGI $33.7k $16.83
    − OpEx −$8.4k −$4.21
    NOI $25.3k $12.63
    2,000 SF · lease $20.04/SF/yr · vacancy 16.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $360.7K
    $315.6K – $420.8K (±1% cap)
    NOI $25,250 @ 7.0% cap · market cap 6.33%
    Second Best
    Healthcare Medical
    $344.4K
    $301.3K – $401.8K (±1% cap)
    NOI $24,106 @ 7.0% cap · market cap 6.04%
    Theoretical Best
    Office A
    $530.7K
    $464.4K – $619.2K (±1% cap)
    NOI $37,152 @ 7.0% cap · market cap 9.31%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Auto Parts Store

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

    Similar Places Nearby

    • Covington Animal Clinic — 1281 U.S. 51 S, Covington, TN 38019

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.668827
    Latitude
    35.541126

    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
    • $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
    • $1,325,000
      24,950 SF

      Retail Portfolio in Covington, TN

      Two-building retail portfolio with value-add potential in Covington, TN.
      919 Highway 51 S, Covington, TN 38019
      View Details
    • $2,500,000
      126,585 SF

      126,585 SF Industrial Facility

      Industrial facility on 16.48 acres in Covington, TN.
      190 Mill Rd, Covington, TN
      View Details
    • $500,000
      7,154 SF

      Commercial Building in Covington, TN

      Commercial building and business for sale near Ford Blue Oval.
      217 US-51, Covington, TN
      View Details
    • Contact for pricing
      186,240 SF

      Newly Rebuilt Industrial Property

      Recently rebuilt industrial property with new office space for lease.
      1 Delfield Dr, Covington, TN
      View Details
    • Contact for pricing
      20,000 SF

      Covington Warehouse with Office Space

      20,000 SF warehouse with 2,000 SF office on 1.30 AC.
      250 Menefee St, Covington, TN
      View Details
    • $159,000
      2,900 SF

      Small Warehouse & Office Opportunity

      Warehouse and office space with good visibility and access.
      821 East St, Covington, TN
      View Details
    • $95,000
      2,400 SF

      Covington Warehouse/Retail Opportunity

      2400 SF warehouse near Covington's old Railroad station.
      65 MENEFEE St, Covington, TN 38019
      View Details
    • $187,500

      Commercial Building with New HVAC

      Commercial building featuring new HVAC, alarm system, and parking.
      1031 HWY 51 Hwy, Covington, TN 38019
      View Details
    • $2,900,000
      149,512 SF

      Economy Hotel Tennessee Portfolio

      Two unencumbered economy hotels in Tennessee, totaling 175 guestrooms.
      112 US-51, Covington, TN 38019
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Medical building featuring multiple exam rooms and ample parking.
    Where is this medical office space located?
    The property is located at 1721 Highway 51 S Covington, TN.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: Turnkey medical office space featuring **4 exam rooms**.; Dedicated patient and staff/patient restrooms for convenience.; Separate patient and staff parking areas.
    (901) 770-7835
    We can help!
    Listing Contact
    Jim Williams
    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

    Thank You for Inquiry
    1721 Highway 51 S, Covington, TN 38019
    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!