Current Use by Public Records
- Retail properties & Spaces
Property Details for 416 Us-51
- Year built
- 1994
- Lot size
- 0.80 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Banks
Description
This fee-simple, absolute triple-net (NNN) leased property presents a compelling investment opportunity in Covington, Tennessee. The 3,552 square foot building, constructed in 1994 and renovated in 2018, is currently 100% occupied by a corporate-guaranteed tenant under an 11-year lease commencing June 23, 2017, and expiring June 23, 2028. With 3.6 years remaining on the primary lease term and two 5-year options, this investment offers significant long-term stability. The property boasts a 7.75% cap rate and a net operating income (NOI) of $101,665, with annual rent bumps of 2%. Located on a 0.8-acre lot at 416 US-51, the property benefits from high visibility and traffic, with over 20,000 vehicles passing daily. Ample parking is available with 60 spaces. The property is situated in a designated Opportunity Zone and enjoys proximity to major retailers including a Walmart Supercenter, McDonald's, Wendy's, Subway, Save-A-Lot, Holiday Inn, and Quality Inn. The property's zoning is commercial. The asking price is $1,311,806, translating to $369.31 per square foot. This is a truly passive investment with no landlord responsibilities.
Value Estimations
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AI approach
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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
- -89.6471
- Latitude
- 35.5674
