Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    16135 Us Hwy 51st S Millington, TN 38053-0622
    Property profile & analytics

    16135 Us Hwy 51st S, Millington, TN 38053-0622

    View on Map
    • Retail space
    • 2,440 SF
    • 5.84 lot acres
    Off-Market
    Property ID
    US80-1766113
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail space

    Property Details for 16135 Us Hwy 51st S

    Year built
    1966
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    5.84 lot acres
    Property type
    Retail space
    APN
    084144 02602
    APU
    8414402602

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 3, 2026 $749,500 Bihm Properties LLC Abby Farm Supply INC Warranty Deed —
    Jul 28, 2006 — Plantation Properties — Trustees Deed · related $287k · Trustmark National Bank
    — — Plantation Properties — Deed Of Trust · related $286k · Patriot Bank NA

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Millington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.8507
    Latitude
    35.3972
    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
    $2,583
    $57,800
    $24,240
    $82,040
    -
    $144,500
    $60,600
    $205,100

    Comparable in this City

    • Value Estimation by Request
      1.60 Acres

      Navy Rd

      Individual retail properties
      0 Navy Rd, Millington, TN 38053
      View Details
    • Value Estimation by Request
      1,984 SF

      5093 Easley Ave

      RETAIL STORES (PERSONAL SERVICES)
      5093 Easley Ave, Millington, TN 38053-2107
      View Details
    • Value Estimation by Request
      4,626 SF

      5114 Navy Rd

      RETAIL STORES (PERSONAL SERVICES)
      5114 Navy Rd, Millington, TN 38053-2130
      View Details
    • Value Estimation by Request
      3,996 SF

      8626 Rosemark Rd

      RETAIL STORES (PERSONAL SERVICES)
      8626 Rosemark Rd, Millington, TN 38053-5642
      View Details
    • Value Estimation by Request
      2,560 SF

      5190 Navy Rd

      RETAIL STORES (PERSONAL SERVICES)
      5190 Navy Rd, Millington, TN 38053-2533
      View Details
    • Value Estimation by Request
      2,170 SF

      4734 Navy Rd

      RETAIL STORES (PERSONAL SERVICES)
      4734 Navy Rd, Millington, TN 38053-1927
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,500 SF

      Retail Space in Millington Heart

      Prime retail space in a well-connected Millington location.
      7713 Us Highway 51 N, Millington, TN 38053
      View Details
    • Contact for pricing

      Retail Space Near Highway 51

      Retail space available near Highway 51 and Ford's Blue Oval City.
      7947 Us Highway 51 N, Millington, TN 38053
      View Details
    • Contact for pricing
      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
      View Details
    • Contact for pricing

      Millington Commercial Property For Sale

      13350 SF building with tenants and coin laundry.
      6347 Navy Rd, Millington, TN 38053
      View Details
    • Contact for pricing
      7,141 SF

      Goodyear Auto Service Investment Opportunity

      Single-tenant Goodyear property in Millington, TN with corporate-backed net lease.
      7991 Us Highway 51, Millington, TN 38053
      View Details
    • $428,990
      4,000 SF

      Free Standing Building in Millington

      Commercial building with drive-through, renovated features, and ample parking.
      4750 Navy Rd, Millington, TN 38053
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,000 SF

      Retail Space Near Naval Base

      Retail space available in Millington near major employers.
      8540 Us Highway 51 N, Millington, TN 38053
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in Millington, TN

      Retail space available for lease in Millington, Tennessee.
      4701 Navy Rd, Millington, TN 38053
      View Details
    • Contact for pricing
      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
      View Details
    • Contact for pricing

      Retail Space in Millington, TN

      Retail space in a vibrant Millington community near Memphis.
      8645 Creek Mill Ct, Millington, TN 38053
      View Details
    • Contact for pricing

      Retail Space Available for Lease

      1,400 SF retail space for lease off Highway 51.
      11124 Us Highway 51 S, Millington, TN 38053
      View Details
    • Contact for pricing

      Retail Space in Millington, TN

      Retail space with high visibility and strong anchor tenants.
      8223 Us Highway 51, Millington, TN 38053
      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.
    16135 Us Hwy 51st S
    Millington, TN 38053-0622
    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
    16135 Us Hwy 51st S, Millington, TN, 38053
    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!