712 Hwy Covington, TN 38019
- Retail properties
- 664 SF
- 0.89 lot acres
Current Use by Public Records
- Retail properties
Property Details for 712 Hwy
- Year built
- 2024
- Lot size
- 0.89 lot acres
- Property size
- 664 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a brand-new, single-tenant Scooter's Coffee property located at 712 U.S. Hwy 51, Covington, Tennessee, 38019. The 664 square foot building, constructed in 2024, sits on a 0.89-acre lot and boasts a 10-year absolute NNN lease commencing June 20, 2024, and expiring June 30, 2034. The lease includes six 5-year renewal options with a 10% rent increase every five years, ensuring consistent income growth. The property enjoys 100% occupancy and generates a strong net operating income (NOI) of $94,169, resulting in a compelling 6.80% cap rate. The asking price is $1,385,000, translating to a land value of $35.73 per square foot. This strategically positioned property benefits from high visibility and accessibility on a major retail thoroughfare, Hwy 51. Nearby national retailers include Family Dollar, Walgreens, Dollar General, and O'Reilly Auto Parts, further enhancing its desirability. The property's proximity to hotels with over 250 rooms within a one-mile radius and a Walmart-anchored shopping center within 2.5 miles adds to its strong retail draw. Furthermore, its location within four miles of Dyersburg State Community College and Baptist Memorial Hospital-Tipton provides a substantial customer base. Scooter's Coffee, a rapidly expanding franchise with over 800 locations, is ranked #2 on Entrepreneur's Franchise 500 list in 2024, signifying its brand strength and market appeal. This investment offers a secure, high-return opportunity in a thriving retail market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Covington
- County
- Tipton
- State
- Tennessee
- Longitude
- -89.6458
- Latitude
- 35.5716
