Add Listing
    For Lease
    • 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

    881 Highway 51 S Covington, TN 38019

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

    Retail space available near Ford BlueOval City and national retailers.

    Type:Retail
    Property size:
    700 SF
    Added:
    Mar 5, 2026
    Days on Market:
    29
    Last Refresh:
    Apr 1 at 9:02 pm

    Property Features for 881 Highway 51 S

    General Information

    Standard status
    Active
    Size
    700 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1969

    Spaces For Lease

    at 881 Highway 51 S 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 Mar 5, 2026

    Source Jonesaur

    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

    Overview

    Retail Space on Highway 51

    Retail space comprising 700 square feet is available for lease in Covington, Tennessee, situated directly on Highway 51. The property is part of a Harbor Freight-anchored shopping center, which provides ample parking. An outparcel drive-thru opportunity is also available. The location offers retail opportunities facing the high-traffic corridor of U.S. 51, which experiences an average annual daily traffic count of 22,805 vehicles. The property is in close proximity to Ford BlueOval City, Ford Motor Company's flagship electric vehicle manufacturing plant. The surrounding area features a variety of national retailers, including The Home Depot, Walmart, Walgreens, Advance AutoParts, Verizon, AT&T, Zaxby's, Little Caesars Pizza, Margaritas, Burger King, IHOP, Subway, and Applebee's.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.6438
    Latitude
    35.5776

    Nearby Similar for Lease

    • $1.00/mo

      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

      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

      Renovated Retail Space Available

      Renovated retail space with strong co-tenancy and high visibility.
      975 Hwy 51 N, Covington, TN
      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

      Retail Space Near Walmart

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

      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?
    Retail space - Retail space available near Ford BlueOval City and national retailers.
    Where is this retail space located?
    The property is located at 881 Highway 51 S Covington, TN.
    What are key features of this property?
    This property features: Located directly on Hwy 51, a high‑traffic corridor (22,805 AADT).; Close proximity to Ford BlueOval City, Ford Motor Company's Flagship Electric Vehicle Manufacturing Plant.; **Retail space (700 SF) and Outparcel Drive‑Thru opportunity available.**
    (901) 545-5359
    We can help!
    Listing Contact
    Reid Lanigan
    Reid Lanigan
    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!