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

    8323 US Highway 51 N Millington, TN 38053

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    1.311 acres available for ground lease in Millington, Tennessee.

    Added:
    Nov 25, 2025
    Days on Market:
    126
    Last Refresh:
    Mar 30 at 1:00 am

    Property Features for 8323 US Highway 51 N

    General Information

    Standard status
    Active

    Spaces For Lease

    at 8323 US Highway 51 N Contact us

    We can help!

    Listing Contact
    Jon Isbell
    Jon Isbell

    Listing agent Jon Isbell License #349528

    Listing office TSCG The Shopping Center Group Memphis

    Listing date Nov 25, 2025

    Source Tscg

    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 TSCG The Shopping Center Group Memphis

    Overview

    Prime Land on US Highway

    A 1.311-acre parcel is available for ground lease on US Highway 51 in Millington, Tennessee, situated in the heart of the primary retail corridor. The property is adjacent to an antique mall and across from Captain D's. It benefits from close proximity to the Millington Airport and the largest Inland Naval Air Station in the U.S., which hosts over 7,500 military, civilian, and contract personnel. Area retailers include Walmart, Lowe's, Dunham's, Ross, Burkes Outlet, Petco, Tractor Supply Co., Ollie's, Kroger, and Big Lots. The traffic count on US Highway 51 is 33,472 AADT.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Dental Office Restaurant Hair Salon Nail Salon Gym & Fitness Center Building Supply Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Millington
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8982
    Latitude
    35.3538

    Nearby Similar for Lease

    • $12/mo

      Highway 51 S Retail Space

      Prime leasing opportunity in Millington, TN with high visibility.
      7713 Highway 51 S, Millington, TN 38053
      View Details
    • Contact for pricing

      Retail Center on Highway 51

      Retail spaces available in Millington near major retailers.
      8390-8412 US Highway 51 N, Millington, TN 38053
      View Details
    • Contact for pricing

      Retail Space in Millington, TN

      Retail space in a vibrant Millington community near Memphis.
      8645 Creek Mill Ct, Millington, TN 38053
      View Details
    • Contact for pricing

      Restaurant Building For Sublease

      Freestanding restaurant building with drive-thru on 1.23 acres.
      8521 U.S. 51, Millington, TN 38053
      View Details
    • Contact for pricing

      Retail Space in Millington Center

      Retail space available in a 143,489 SF shopping center.
      8219 US Hwy 51 N , Millington, TN
      View Details
    • Contact for pricing

      Retail Space in Millington

      Retail property available for lease in Millington, Tennessee.
      8510 Wilkinsville Rd, Millington, TN
      View Details
    • Contact for pricing

      Retail Space Near Naval Base

      Retail space available in Millington near major employers.
      8540 Us Highway 51 N, Millington, TN
      View Details
    • Contact for pricing

      Retail Space in Millington, TN

      Retail space available for lease in Millington, Tennessee.
      8017-8059 US Highway 51 N, Millington, TN
      View Details
    • Contact for pricing

      Retail Space in Millington Farms

      Retail space available in a busy Millington shopping center.
      8540 US-51, Millington, TN 38017
      View Details
    • Contact for pricing

      Retail Space in Millington, TN

      Retail space available for lease in Millington, Tennessee.
      4701 Navy Rd, Millington, TN
      View Details
    • Contact for pricing

      Highway 51 S Retail Opportunity

      Versatile commercial space in Millington, TN with high visibility.
      7713 Highway 51 S, Millington, TN 38053
      View Details
    • Contact for pricing

      Retail Center on Highway 51

      27,300 SF retail center in Millington, Tennessee.
      8390 TN-3, Millington, TN 38053
      View Details

    FAQs

    What type of property is this?
    Commercial land - 1.311 acres available for ground lease in Millington, Tennessee.
    Where is this commercial land located?
    The property is located at 8323 US Highway 51 N Millington, TN.
    What are key features of this property?
    This property features: Located on US Highway 51 in Millington, Tennessee; 1.311 acres available for Ground Lease; High Traffic Count: US Highway 51 (33,472 AADT)
    (901) 334-5706
    We can help!
    Listing Contact
    Jon Isbell
    Jon Isbell
    Real Estate License ID: 349528
    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!