Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1031 Us-51 Covington, TN 38019
    Back to Search
    Property profile & analytics

    1031 Us-51, Covington, TN 38019

    View on Map
    • Retail properties & Spaces
    • 2,880 SF
    • 0.50 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 1031 Us-51

    Year built
    1987
    Lot size
    0.50 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional mixed-use storefront property, located at 1031 US-51 in Covington, Tennessee (zip code 38019), presents a lucrative investment opportunity. The single-story building, constructed in 1987, boasts a generous 2,880 square feet situated on a half-acre lot. Ideal for a variety of businesses, the property features a brand new HVAC system, ensuring year-round comfort. Security is enhanced by a recently installed alarm system. Internal amenities include a dedicated stock storage room, a full bathroom, and a functional kitchen. Ample parking is available in the large on-site lot. The building's location on the busy Covington Highway guarantees high visibility and significant foot traffic, making it perfectly positioned for success. This is a turnkey opportunity for an entrepreneur looking to establish or expand their business in a thriving community. The asking price is $190,000. Don't miss this chance to own a piece of Covington's commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.639
    Latitude
    35.585

    Comparable in this City

    • Value Estimation by Request
      7,154 SF

      217 Hwy 51 Hwy

      Individual retail properties
      217 Hwy 51 Hwy, Covington, TN 38019
      View Details
    • Value Estimation by Request
      3,552 SF

      416 Us-51

      Individual retail properties
      416 Us-51, Covington, TN 38019
      View Details
    • Value Estimation by Request
      840 SF

      1332 Hwy 51st N

      RETAIL STORES (PERSONAL SERVICES)
      1332 Hwy 51st N, Covington, TN 38019-1522
      View Details
    • Value Estimation by Request
      2,950 SF

      710 Hwy 51st S

      RETAIL STORES (PERSONAL SERVICES)
      710 Hwy 51st S, Covington, TN 38019-2453
      View Details
    • Value Estimation by Request
      1,445 SF

      928 Hwy 51st S

      RETAIL STORES (PERSONAL SERVICES)
      928 Hwy 51st S, Covington, TN 38019-3206
      View Details
    • Value Estimation by Request
      3,477 SF

      108 Liberty Ave

      RETAIL STORES (PERSONAL SERVICES)
      108 Liberty Ave, Covington, TN 38019-2510
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,154 SF

      Commercial Building in Covington, TN

      Commercial building and business for sale near Ford Blue Oval.
      217 Us-51, Covington, TN 38019
      View Details
    • Contact for pricing
      9,040 SF

      Retail and Restaurant Investment Opportunity

      Retail and restaurant spaces for sale in Covington, Tennessee.
      928 Highway 51 S, Covington, TN 38019
      View Details
    • Contact for pricing

      Covington Warehouse/Retail Opportunity

      2400 SF warehouse near Covington's old Railroad station.
      65 Menefee St, Covington, TN 38019
      View Details
    • Contact for pricing

      Medical Building with Exam Rooms

      Medical building featuring multiple exam rooms and dedicated parking.
      1721 Highway 51 S, Covington, TN 38019
      View Details
    • $399,000
      2,000 SF

      Medical Building with Exam Rooms

      Medical building featuring multiple exam rooms and ample parking.
      1721 Highway 51 S, Covington, TN 38019
      View Details
    • Contact for pricing
      72,554 SF

      Covington Shopping Center Retail Opportunity

      72,000 SF three-tenant shopping center with development potential.
      975 Highway 51 South Covington TN, Covington, TN 38019
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,500 SF

      Retail Space Near Walmart

      Highway 51 retail space shadow-anchored by Walmart.
      1618 Tn-3, Covington, TN 38019
      View Details
    • Contact for pricing

      Retail and Office Spaces Available

      Retail and office spaces for lease in Covington, Tennessee.
      919 Highway 51 S, Covington, TN 38019
      View Details
    • Contact for pricing

      Retail Space on Highway 51

      Retail space available near Ford BlueOval City and national retailers.
      881 Highway 51 S, 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

      Retail Space on Highway 51

      Retail space and drive-thru available on Highway 51.
      881 Highway 51 S, Covington, TN 38019
      View Details
    • $1,300 /Mo
      1,300 SF

      Remodeled Retail Spaces Available

      Two remodeled retail spaces available with high traffic potential.
      4705 Mueller Brass Rd, Covington, TN 38019
      View Details
    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.
    1031 Us-51
    Covington, TN 38019
    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

    Thank You for Inquiry
    1031 Us-51, Covington, TN, 38019
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!