Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1007 Hwy 51st N Covington, TN 38019-6000
    Back to Search
    Property profile & analytics

    1007 Hwy 51st N, Covington, TN 38019-6000

    View on Map
    • Motels
    • 20,772 SF
    • 1.00 lot acres
    Off-Market
    Property ID
    US80-1552976
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,000,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Motels

    Property Details for 1007 Hwy 51st N

    Year built
    1997
    Construction
    WOOD
    Lot size
    1.00 lot acres
    Property type
    Motels
    APN
    084025C A 00804
    APU
    084025CA00804

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 17, 2001 $1,000,000 Mahesh M Patel Sai,krishna H Grant Deed —
    Jan 18, 1991 $5,000 Richard L Jackson Unknown, Grant Deed —
    Jan 17, 1991 $5,000 Richard L Jackson Unknown Grant Deed —
    — — Mahesh Patel — Deed Of Trust · related $115k · Clayton Bank & Trust
    — — Mahesh Patel — Deed Of Trust · related $25k · Clayton Bank & Trust
    — — Mahesh Patel — Deed Of Trust · related $60k · Clayton Bank & Trust
    — — Mahesh Patel — Deed Of Trust · related $116k · Clayton Bank & Trust

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,565,000
      WAREHOUSE, STORAGE
      $645,000

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.6402
    Latitude
    35.5842
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $7,547
    $40,880
    $189,120
    $230,000
    -
    $102,200
    $472,800
    $575,000

    Comparable in this City

    • Value Estimation
      $645,000
      13,437 SF

      873 Hwy 51st N

      MOTEL
      873 Hwy 51st N, Covington, TN 38019-1701
      View Details
    • Value Estimation
      $605,000
      14,638 SF

      112 Hwy 51st N

      MOTEL
      112 Hwy 51st N, Covington, TN 38019-2359
      View Details
    • Value Estimation
      $1,050,000
      21,840 SF

      901 Hwy 51st N

      MOTEL
      901 Hwy 51st N, Covington, TN 38019-1702
      View Details
    • Value Estimation by Request
      149,512 SF

      112 Us-51

      Motels
      112 Us-51, Covington, TN 38019
      View Details
    • Value Estimation
      $2,025,000
      46,398 SF

      120 Deena Cv

      MOTEL
      120 Deena Cv, Covington, TN 38019-1711
      View Details
    • Value Estimation
      $1,100,000
      22,455 SF

      80 Deena Cv

      MOTEL
      80 Deena Cv, Covington, TN 38019-1711
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      149,512 SF

      Economy Hotel Tennessee Portfolio

      Two unencumbered economy hotels in Tennessee, totaling 175 guestrooms.
      112 Us-51, Covington, TN 38019
      View Details
    • $75,000
      1.00 Acre

      Residential Land in Covington, TN

      One-acre lot with previous foundation in Covington, Tennessee.
      1090 Highway 179, Covington, TN 38019
      View Details
    • $150,000

      Covington Town Square Commercial Building

      Prime location, high foot traffic, investment opportunity.
      115 Munford St, Covington, TN 38019
      View Details
    • Contact for pricing
      2,900 SF

      Small Warehouse & Office Opportunity

      Warehouse and office space with good visibility and access.
      821 East St, Covington, TN 38019
      View Details
    • Contact for pricing
      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
    • 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

    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
      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

      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 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
      151,382 SF

      Industrial Space Available For Lease

      151,400 SF industrial space available for lease.
      1111 Hope St, 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
    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.
    1007 Hwy 51st N
    Covington, TN 38019-6000
    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
    1007 Hwy 51st N, 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!