Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    15423 1St St Milan, TN 38358

    • Retail space
    • 43,966 SF
    • 4.73 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Nov 21, 2023
    $4,650,000
    Value Estimations
    $4,570,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1143617
    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.

    Current Use by Public Records

    • FACTORY CONNECTION / Clothing Store / Jeans Shop
    • Cash Corral Milan / Loan Agency
    • AT&T Store / Cell Phone Store / Cell Phone Accessory Store
    • Dab City Tobacco & Vape / Tobacco Shop
    • Shoe Show / Shoe Store / Fashion Accessories Store

    Property Details for 15423 1St St

    Year built
    2007
    Construction
    FRAME
    Lot size
    4.73 lot acres
    Property size
    43,966 SF
    Property type
    Retail space
    APN
    143 07204
    APU
    14307204

    Description

    This exceptional executive office opportunity is located within the Marketplace at Milan, a thriving retail and office complex in Gibson County, Tennessee. The property, situated at 1543 S First St, Milan, TN 38358, offers a total of 38,225 square feet of space, with a currently available contiguous block of 3,225 square feet. Smaller spaces are also divisible down to a minimum of 1,600 square feet, providing flexibility for businesses of various sizes. The building benefits from its strategic location as a Walmart shadow center, ensuring high visibility and significant foot traffic. This translates to excellent exposure for your business and easy access for clients and employees. The property is classified as both retail and office space, making it suitable for a wide range of commercial uses. Ample parking is available for tenants and their visitors, ensuring convenience and accessibility. The address is 15423 S First St, Milan, TN 38358. This presents a unique chance to establish a presence in a growing market area with excellent visibility and convenient access. The available space is ideal for businesses seeking a high-traffic location with ample parking and flexible space options. Don't miss this opportunity to secure your business's future in this prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,140,000
      ML approach
      $4,080,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,853,000
      Market price range: $1.63M - $6.14M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,255,000
      Current use
      COMMERCIAL (GENERAL)
      $5,705,000
      Change: +75% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Milan
    County
    Gibson
    State
    Tennessee
    Longitude
    -88.7463
    Latitude
    35.8777
    CBSA code
    27180
    CBSA name
    JACKSON, TN 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
    0
    $0.00
    $98,400
    $1,112,880
    $1,211,280
    -
    $246,000
    $2,782,200
    $3,028,200

    Comparable in this City

    • Value Estimation
      $220,000
      1,440 SF

      1110 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,440 SF
      1110 Main St, Milan, TN 38358-2726
      View Details
    • Value Estimation
      $250,000
      2,240 SF

      1048 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,240 SF
      1048 Main St, Milan, TN 38358-2704
      View Details
    • Value Estimation
      $235,000
      6,480 SF

      1077 Main St

      RETAIL STORES (PERSONAL SERVICES) • 6,480 SF
      1077 Main St, Milan, TN 38358-2748
      View Details
    • Value Estimation
      $200,000
      1,120 SF

      Medina Hwy

      RETAIL STORES (PERSONAL SERVICES) • 1,120 SF
      Medina Hwy, Milan, TN 38358
      View Details
    • Value Estimation
      $255,000
      1,050 SF

      1009 Moore St

      RETAIL STORES (PERSONAL SERVICES) • 1,050 SF
      1009 Moore St, Milan, TN 38358-2607
      View Details
    • Value Estimation
      $345,000
      10,879 SF

      2026 Van Hook St

      RETAIL STORES (PERSONAL SERVICES) • 10,879 SF
      2026 Van Hook St, Milan, TN 38358-2847
      View Details

    Similar Nearby for Sale

    • $650,000
      6,480 SF

      Renovated Commercial Space in Milan

      6,400+ sq ft renovated building suitable for retail or fitness.
      1077 S Main St, Milan, TN 38358
      View Details
    • $189,900
      1,143 SF

      Milan Tavern Opportunity For Sale

      Stand-alone building in high-traffic area, currently a working tavern.
      1053 N Main St, Milan, TN 38358
      View Details
    • $1,700,000
      Pending

      Land with Existing Structures, Milan

      5.5 acres on US 45 with existing structures and storage.
      12533 S 1St St, Milan, TN 38358
      View Details
    • $650,000
      5,000 SF

      Modern Shop in Excellent Condition

      Two-year-old, 5,000 sq ft shop with modern amenities.
      3029 Highland St, Milan, TN 38358
      View Details
    • $650,000
      5,000 SF

      Prime Milan Industrial Property

      5,000 SF Warehouse/Auto Shop
      3029 Highland St, Milan, TN 38358
      View Details
    • $2,250,000
      7.00 Acres

      Prime Commercial Land in Milan

      7+/- acres of high-visibility land perfect for development.
      S 1 And Graball St, Milan, TN 38358
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,082 SF

      Retail Space with Great Visibility

      Adaptable retail space with ample parking and brand exposure.
      6045 S 1St St, Milan, TN 38358
      View Details
    • $12 SF/Yr
      38,225 SF

      Milan Executive Office Suites

      Prime Walmart shadow center space available.
      15423 1St St, Milan, TN 38358
      View Details
    • Contact for pricing
      294,425 SF

      Renovated Industrial Property Off I-40

      Industrial property between Nashville and Memphis, ready for immediate occupancy.
      4071 Denton Fly Rd, Milan, TN 38358
      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.
    15423 1St St
    Milan, TN 38358
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.