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    Navy Rd Millington, TN 38053

    • Retail properties
    • 1.60 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 0 Navy Rd

    Lot size
    1.60 lot acres
    Property type
    Retail properties
    Property subtype
    Office Properties & Spaces

    Description

    Astoria Square presents a unique investment opportunity in Millington, Tennessee. This 1.6-acre outparcel, situated on the south side of Navy Road, east of Veterans Parkway, offers 30,000 square feet of first-floor retail space available for lease. The property is part of a larger, exciting new mixed-use development, the first of its kind in Millington. This vibrant community will include apartments, single-family townhomes, a hotel, and an existing YMCA, creating a dynamic environment for businesses. The strategic location provides exceptional access to Millington Regional Jetport and the significant economic activity generated by the nearby Naval Support Activity Mid-South, home to over 7,500 military, civilian, and contract personnel. This high-traffic area offers unparalleled visibility and accessibility for businesses seeking a thriving market. Additional retail outparcels are available for sale, ground lease, or build-to-suit options, catering to a variety of needs. Ideal uses include restaurants, entertainment venues, specialty retail services, and office spaces. This is an exceptional chance to be part of a rapidly growing community with strong demographics and a robust economic base. The property's location and the overall development promise significant return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Millington
    County
    Shelby
    State
    Tennessee
    Longitude
    -89.8692
    Latitude
    35.3398

    Comparable in this City

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      4.00 Acres

      6368 Us 51 Hwy

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      7994 Hwy

      Individual retail properties • 14,560 SF
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      263 Nancy Dr

      RETAIL STORES (PERSONAL SERVICES) • 2,000 SF
      263 Nancy Dr, Millington, TN 38053-0281
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    • Value Estimation
      $250,000
      3,632 SF

      206 Tracy Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,632 SF
      206 Tracy Rd, Millington, TN 38053-1046
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    • Value Estimation
      $85,000
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      6752 Chase Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,600 SF
      6752 Chase Rd, Millington, TN 38053-7823
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    • Value Estimation
      $135,000
      6,000 SF

      4788 Navy Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,000 SF
      4788 Navy Rd, Millington, TN 38053-1927
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.60 Acres

      Astoria Square: Millington Retail Opportunity

      Prime Millington mixed-use outparcel, 30,000 SF retail space.
      0 Navy Rd, Millington, TN 38053
      View Details
    • $2,000,000
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      Millington Multi-Tenant Hospitality Property

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      4758 Navy Rd, Millington, TN 38053
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      30,000 SF

      Millington Mixed-Use Community Retail Space

      Retail and hotel opportunities in Millington's first mixed-use community.
      7838 W Navy Cir, Millington, TN 38053
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    • $2,000,000
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      Commercial Building in Millington, TN

      Commercial building for sale in Millington, Tennessee.
      6347 Navy Rd, Millington, TN 38053
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    • Contact for pricing

      Millington Mixed-Use Development Opportunity

      Proposed mixed-use development with retail, hotel, and office opportunities.
      Navy Rd, Millington, TN 38053
      View Details

    Similar Nearby for Lease

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      3,000 SF

      Retail Space Near Naval Base

      Retail space available in Millington near major employers.
      8540 Us Highway 51 N, Millington, TN 38053
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      1,500 SF

      Retail Space in Millington, TN

      Retail space available for lease in Millington, Tennessee.
      4701 Navy Rd, Millington, TN 38053
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    • $399,000
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      Retail Space in Millington Heart

      Prime retail space in a well-connected Millington location.
      7713 Us Highway 51 N, Millington, TN 38053
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      4,160 SF

      Retail Space in Millington, TN

      Retail space available for lease in Millington, Tennessee.
      8017-8059 Us Highway 51 N, Millington, TN 38053
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    • $12 SF/Yr
      33,000 SF

      Highway 51 S Retail Space

      Millington, TN: Prime Retail Opportunity
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    • Contact for pricing
      30,000 SF

      Astoria Square: Millington Retail Space

      Prime Millington Retail Opportunity: 30,000 SF New Development
      0 Navy Rd, Millington, TN 38053
      View Details
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    Navy Rd
    Millington, TN 38053
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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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