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

    215 Hwy 51 Hwy Covington, TN 38019

    View on Map
    • Commercial real estate
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 215 Hwy 51 Hwy

    Year built
    1975
    Property type
    Commercial real estate

    Description

    This exceptional commercial property, located at 215 Hwy 51 in Covington, TN, presents a compelling investment opportunity. The main building boasts six generously sized offices, all conveniently located under a single roof, and features a spacious lobby area. The property sits on a one-acre corner lot, offering excellent visibility and accessibility from the main highway. This prime location ensures high traffic volume and significant exposure for any business. Adding to its versatility, the property includes a secondary building, adequately wired and large enough to comfortably accommodate two vehicles. This secondary structure offers additional storage or workspace potential, expanding the property's overall utility. The property is being sold in "as-is" condition, allowing for creative customization and development to suit a wide range of commercial ventures. The possibilities are truly endless for this well-positioned and versatile commercial property. Its strategic location and ample space make it an ideal choice for entrepreneurs and investors seeking a strong foothold in the Covington market. The combination of the main building's office space and the secondary building's potential for storage or additional workspace provides a unique and adaptable property for a variety of commercial uses.

    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
    -89.651
    Latitude
    35.5627

    Comparable in this City

    • Value Estimation by Request
      0.33 Acres

      357 Hwy 51st N

      COMMERCIAL (GENERAL) • 0.33 Acres
      357 Hwy 51st N, Covington, TN 38019-2362
      View Details
    • Value Estimation by Request
      0.03 Acres

      Main N St

      COMMERCIAL (GENERAL) • 0.03 Acres
      Main N St, Covington, TN 38019
      View Details
    • Value Estimation by Request
      3,300 SF

      1522 Hwy 54th E

      COMMERCIAL (GENERAL) • 3,300 SF
      1522 Hwy 54th E, Covington, TN 38019-7115
      View Details
    • Value Estimation
      $28,630,000
      219,035 SF

      201 Lanny Bridges Ave

      COMMERCIAL (GENERAL) • 219,035 SF
      201 Lanny Bridges Ave, Covington, TN 38019-1615
      View Details
    • Value Estimation by Request
      4,725 SF

      4795 Hwy 179

      COMMERCIAL (GENERAL) • 4,725 SF
      4795 Hwy 179, Covington, TN 38019-7863
      View Details
    • Value Estimation by Request
      3,500 SF

      7467 Hwy 179

      COMMERCIAL (GENERAL) • 3,500 SF
      7467 Hwy 179, Covington, TN 38019-7878
      View Details

    Similar Nearby for Sale

    • $150,000

      Covington Town Square Commercial Building

      Prime location, high foot traffic, investment opportunity.
      115 Munford St, Covington, TN 38019
      View Details
    • $1,325,000
      24,950 SF

      Retail Portfolio in Covington, TN

      Two-building retail portfolio with value-add potential in Covington, TN.
      919 Highway 51 S, Covington, TN 38019
      View Details
    • $185,000

      Land For Sale Covington, TN

      Commercial land available for purchase in Covington, Tennessee.
      1024 Highway 51, Covington, TN 38019
      View Details
    • $75,000
      1.00 Acre

      Residential Lot in Covington, TN

      One-acre lot with previous foundation in Covington, Tennessee.
      1090 Highway 179, Covington, TN 38019
      View Details
    • $159,000
      2,900 SF

      Small Warehouse & Office Opportunity

      Warehouse and office space with good visibility and access.
      821 East St, Covington, TN 38019
      View Details
    • $2,500,000
      126,585 SF

      126,585 SF Industrial Facility

      Industrial facility on 16.48 acres in Covington, TN.
      190 Mill Rd, Covington, TN 38019
      View Details

    Similar Nearby for Lease

    • 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
      34,380 SF

      Renovated Retail Space Available

      Renovated retail space with strong co-tenancy and high visibility.
      975 Highway 51 N, 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
    • $1.00 SF/Yr

      Versatile Flex Space Available

      Adaptable commercial spaces for lease, suitable for various businesses.
      114 W Liberty Ave, Covington, TN 38019
      View Details
    • Contact for pricing

      Retail Opportunity Near Ford Plant

      Retail spaces and drive-thru opportunity near Ford BlueOval City.
      887 Highway 51 S, Covington, TN 38019
      View Details
    • Contact for pricing
      151,382 SF

      Industrial Space Available For Lease

      151,400 SF industrial space available for lease.
      1111 Hope St, 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.
    215 Hwy 51 Hwy
    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
    215 Hwy 51 Hwy, 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!