Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Millington Commercial Property For Sale Title is generated by Realmo AI

    6347 Navy Rd., Millington, TN 38053

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    13350 SF building with tenants and coin laundry.

    Type:Office
    Property size:
    13,350 SF
    Lot size:
    2.27 Acres
    Price / SF:
    $149/SF
    Added:
    Aug 28, 2024
    Days on Market:
    647
    Last Refresh:
    May 12 at 9:02 pm

    Property Features for 6347 Navy Rd.

    General Information

    Standard status
    Active
    Size
    13,350 SF
    Lot size
    2.27 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1953

    We can help!

    Listing Contact
    Jim Williams

    Listing agent Jim Williams License #327170

    Listing office Tiger Realty

    Listing date Aug 28, 2024

    Source Crexi

    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 Tiger Realty

    HighLights

    • Excellent investment opportunity with a 9.48% Net Cap Rate.
    • 13,350 sq ft building situated on a generous 2.27 acre lot.
    • Ample parking with 106 Parking Spaces.
    • Diversified income with Four Income Streams: Three Tenants (Pops Bar and Grill, OM food mart, On The Rox bar and Grill) and Coin Operated Laundry (Busy Bubbles).
    • Medium Term Leases in Place.
    • Coin Operated Laundry Equipment Included.

    Overview

    This commercial property in Millington, TN, features a 13350 square foot building situated on a 2.27 acre lot. The property includes 106 parking spaces and houses three tenants with medium-term leases: Pops Bar and Grill, OM food mart, and On The Rox bar and Grill. Additionally, a seller-owned coin-operated laundry, Busy Bubbles, is located on the premises. The laundry equipment is attached to the building and will remain with the property. The current rents, including income from the laundry, result in a net 9.48 cap rate.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $227.5k $17.04
    − Vacancy −$17.7k −$1.33
    EGI $209.7k $15.71
    − OpEx −$52.4k −$3.93
    NOI $157.3k $11.78
    13,350 SF · lease $17.04/SF/yr · vacancy 7.80% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $2.25M
    $1.97M – $2.62M (±1% cap)
    NOI $157,305 @ 7.0% cap · market cap 7.87%
    Second Best
    Retail
    $1.73M
    $1.51M – $2.02M (±1% cap)
    NOI $121,111 @ 7.0% cap · market cap 6.06%
    Theoretical Best
    Office A
    $2.70M
    $2.36M – $3.15M (±1% cap)
    NOI $189,164 @ 7.0% cap · market cap 9.46%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    OM Foodmart Grocery & Convenience Store RockItCoin Bitcoin ATM Crypto Atm Krispy Krunchy Chicken Restaurant LibertyX Bitcoin ATM Atm

    Suggested Use

    Restaurant Building Supply Auto Repair Shop Hotel & Motel Bar & Pub Department Store Daycare Center Computer & Electronic Repair (Bike/Boat/Book/etc) Store (Bike/Boat/Book/etc) Store

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

    Similar Places Nearby

    • Alicat Karaoke With Leenie B — millington, tn 38053
    • Morrie's Tavern — 5147 Easley St, Millington, TN 38053

    Location Insight

    • Map
    • Local Demand
    City
    Millington
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8515754
    Latitude
    35.3378166

    Nearby Similar for Sale

    • $428,990
      4,000 SF

      Free Standing Building in Millington

      Commercial building with drive-through, renovated features, and ample parking.
      4750 NAVY Rd, Millington, TN 38053
      View Details
    • $4,600,383
      4,753 SF

      Whistle Express NNN Investment

      NNN leased Whistle Express car wash investment property.
      5130 Copper Creek Blvd, Millington, TN 38053
      View Details
    • $349,900

      Modern Commercial Building in Millington

      Versatile office spaces with highway frontage in expanding commercial corridor.
      8098 N US 51 Hwy N, Millington, TN 38053
      View Details
    • Contact for pricing
      2,887 SF

      Retail Space Near Highway 51

      Retail space available near Highway 51 and Ford's Blue Oval City.
      7947 US Highway 51 N, Millington, TN 38053
      View Details
    • $399,000
      3,500 SF

      Retail Space in Millington Heart

      Prime retail space in a well-connected Millington location.
      7713 US Hwy 51 N, Millington, TN
      View Details
    • $1,095,000
      7,141 SF

      Goodyear Auto Service Investment Opportunity

      Single-tenant Goodyear property in Millington, TN with corporate-backed net lease.
      7991 US-51, Millington, TN 38053
      View Details
    • Contact for pricing
      30,000 SF

      Millington Mixed-Use Community Retail Space

      Retail and hotel opportunities in Millington's first mixed-use community.
      7838 W Navy Cir, Millington, TN
      View Details
    • Contact for pricing

      Millington Mixed-Use Development Opportunity

      Proposed mixed-use development with retail, hotel, and office opportunities.
      Navy Rd, Millington, TN 38053
      View Details
    • $2,000

      Pre-Engineered Building For Sale

      Pre-engineered building featuring offices, shop area, and roll-up doors.
      5569 OLD MILLINGTON RD, Millington, TN 38053
      View Details
    • $1,100,000

      Two-Story Chapel with Classrooms

      Two-story chapel with classrooms and facilities on 4 acres.
      6368 US 51 Hwy, Millington, TN 38053
      View Details
    • $489,000

      Income-Producing Commercial Property For Sale

      Tenant-occupied commercial property with lease in place until 2025.
      4750 NAVY Rd, Millington, TN 38053
      View Details

    FAQs

    What type of property is this?
    Bar & Pub - 13350 SF building with tenants and coin laundry.
    Where is this bar & pub located?
    The property is located at 6347 Navy Rd. Millington, TN.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Excellent investment opportunity with a **9.48% Net Cap Rate**.; **13,350 sq ft building** situated on a generous **2.27 acre lot**.; Ample parking with **106 Parking Spaces**.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jim Williams
    Real Estate License ID: 327170
    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
    6347 Navy Rd., Millington, TN 38053
    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!