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7608 Us Highway 51 Millington, TN 38053
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For Sale
$785,000
High-visibility Hwy 51 land, prime location.
Description
Added:
Dec 11, 2024
Days on Market:
408
This exceptional 3-acre commercial land parcel is strategically located on US Highway 51 in Millington, Tennessee, at the northeast corner of US Hwy 51 and Paul Barrett Parkway (also known as TN Hwy 385 and the future I-269). The property enjoys significant highway frontage and visibility, offering unparalleled exposure to a high volume of daily traffic. Situated on the north side of Armitage Drive, a cul-de-sac leading to soon-to-be-completed youth soccer fields, this site presents a unique opportunity for developers. The land is situated within an Opportunity Zone, providing considerable potential tax benefits for investors. While some site preparation, including fill, may be required, the property's location offers numerous potential uses, including lodging, retail, and medical facilities. The property's proximity to the USA Stadium complex, featuring six lighted baseball fields and extensive training facilities, is a major advantage. This complex regularly attracts over 150 teams for week-long competitions and training, generating substantial visitor traffic for nine months of the year. The addition of the new youth soccer fields will further increase foot and vehicle traffic in the immediate area. Millington's robust commercial growth, evidenced by recent openings of major retailers such as TJ Maxx, Hobby Lobby, Aldi's, Burlington, and others, alongside existing anchors like Walmart, Lowe's, and Kroger, makes this a highly desirable investment. The land's value is estimated at $6-$7 per square foot. The property's APN is M0115 A00046. The current demand for lodging in the area significantly exceeds the available supply, presenting a compelling opportunity for development. The property's address is 7608 US-51, Millington, TN 38053.
Property Features for 7608 Us Highway 51
General Information
Property type
Land
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Mack Browder
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HighLights
$785,000 asking price for 3 acres of commercial land.
Located at 7608 US‑51, Millington, TN 38053 (APN: M0115 A00046).
Land value: $6 - $7/SF.
High visibility on US Highway 51, near the USA Stadium complex and developing youth soccer fields.
Situated in an Opportunity Zone, offering potential tax benefits.
Land - High-visibility Hwy 51 land, prime location.
Where is this land located?
The property is located at 7608 Us Highway 51 Millington, TN.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: $785,000 asking price for 3 acres of commercial land.; Located at 7608 US-51, Millington, TN 38053 (APN: M0115 A00046).; Land value: $6 - $7/SF.
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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.
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7608 Us Highway 51 Millington, TN 38053
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7608 Us Highway 51, Millington, TN
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7608 Us Highway 51, Millington, TN
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7608 Us Highway 51, Millington, TN
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