1603 51 Covington, TN 38019
- Lifestyle centers
- 32,082 SF
- 2.55 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 1603 51
- Year built
- 2007
- Lot size
- 2.55 lot acres
- Property size
- 32,082 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This 32,082 square foot, single-story shopping center in Covington, Tennessee, presents a compelling investment opportunity. Boasting 100% occupancy with eleven tenants including national brands like Pizza Hut, AT&T, GameStop, CATO, and Shoe Show, the property generates a strong net operating income (NOI) of $418,293, representing a 7.50% cap rate. Built in 2007, the center sits on a 2.55-acre lot at 1603 U.S. 51 S, 38019, offering excellent visibility and accessibility. The asking price is $5,575,000, translating to $185.33 per square foot, significantly below replacement cost. The property features a well-maintained standing seam metal roof, minimizing immediate capital expenditure needs. A significant portion of the gross leasable area (GLA) has lease expirations within the next five to ten years, presenting opportunities for rental rate increases. The center benefits from its proximity to a major economic development project, Ford's "Blue Oval" City factory, expected to bring 6,000 jobs to the area. This strategic location, combined with below-market rents and a strong tenant roster, makes this a highly attractive investment prospect. The fee-simple ownership provides complete control and potential for long-term value appreciation.
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
- -89.6621
- Latitude
- 35.5461
