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    Property profile & analytics

    1421 1St St Union City, TN 38261

    • Lifestyle centers
    • 83,995 SF
    For Lease
    View listing
    $5 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Sears Appliance Repair / Home Appliance Store
    • G2The Gallery 2 / Discount Store

    Property Details for 1421 1St St

    Property size
    83,995 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Reelfoot Commons, a thriving shopping center, presents a unique investment opportunity. Strategically located at the signalized intersection of Reelfoot Avenue and First Street, this property boasts exceptional visibility and high traffic counts. The 83,995 square foot center houses a diverse mix of established tenants, including Dollar General, AutoZone, The Gallery Thrift Store, and Rent-A-Center, demonstrating strong market demand and long-term stability. Currently, there are six available retail spaces ranging from 1,200 to 4,342 square feet, providing flexibility for various business types. The center's 20 total suites and a current vacancy of 17,650 square feet offer significant potential for expansion and increased revenue. This property is ideal for investors seeking a well-established, high-visibility retail center with immediate income potential and opportunities for future growth. The existing tenant mix provides a strong foundation for continued success, and the available spaces offer the chance to further diversify the center's offerings and attract new businesses. The prime location and high traffic volume ensure consistent customer flow, making this a compelling investment opportunity in a vibrant retail market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Union City
    County
    Obion
    State
    Tennessee
    Longitude
    -89.0598
    Latitude
    36.4135

    Comparable in this City

    • Value Estimation
      $765,000
      30,966 SF

      1430 1st St

      DEPARTMENT STORE • 30,966 SF
      1430 1st St, Union City, TN 38261-5606
      View Details
    • Value Estimation
      $1,485,000
      42,534 SF

      1410 Thr 1st St

      DEPARTMENT STORE • 42,534 SF
      1410 Thr 1st St, Union City, TN 38261
      View Details
    • Value Estimation
      $2,115,000
      35,546 SF

      1314 Nailling Dr, Unit 1308

      DEPARTMENT STORE • 35,546 SF
      1314 Nailling Dr, Union City, TN 38261-1928
      View Details
    • Value Estimation
      $4,125,000
      54,417 SF

      705711 Reelfoot Ave

      DEPARTMENT STORE • 54,417 SF
      705711 Reelfoot Ave, Union City, TN 38261-6021
      View Details
    • Value Estimation
      $620,000
      21,070 SF

      1405 Home St

      DEPARTMENT STORE • 21,070 SF
      1405 Home St, Union City, TN 38261-5719
      View Details
    • Value Estimation by Request
      2,772 SF

      111 College St

      AUTO REPAIR, GARAGE • 2,772 SF
      111 College St, Union City, TN 38261-3309
      View Details

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    Similar Nearby for Lease

    • $5 SF/Yr
      83,995 SF

      Reelfoot Commons Shopping Center

      High-traffic retail center, 6 spaces available
      1421 1St St, Union City, TN 38261
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    • Contact for pricing

      Union City Industrial Facility

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      Union City Retail Opportunity

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      1700 W Reelfoot Ave, Union City, TN 38261
      View Details
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    1421 1St St
    Union City, TN 38261
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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.

    More about this property
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