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    5024 S 1St St Milan, TN 38358
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    5024 S 1St St Milan, TN 38358

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    • Retail properties & Spaces
    • 32,865 SF
    • 6.10 lot acres
    For Lease
    View Listing →
    5024 S. 1st Street, Milan, TN 38358 For Lease
    Contact for pricing

    5024 S. 1st Street, Milan, TN 38358

    Retail space available on US Hwy 45 E in Milan.

    Milan Army Ammunition Plant, TN 38358
    View Listing
    Property ID
    US80-2114068
    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

    • Ruler Foods / Grocery & Convenience Store / Food Market
    • George D. Hazlewood, DPH / Pharmacy
    • Dillons / Grocery & Convenience Store / Food Market

    Property Details for 5024 S 1St St

    Year built
    1973
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    6.10 lot acres
    Property size
    32,865 SF
    Property type
    Retail properties & Spaces
    APN
    140 03301
    APU
    14003301

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,217,000
      Market price range: $1.22M - $4.59M
      AI Estimate
      $1,283,000
      Market price range: $1.16M - $5.47M

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

    Location Insight

    • Map
    • Local Demand
    City
    Milan
    County
    Gibson
    State
    Tennessee
    Longitude
    -88.7518
    Latitude
    35.9106
    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
    $96,120
    $93,400
    $189,520
    -
    $240,300
    $233,500
    $473,800

    Comparable in this City

    • Value Estimation
      $1,525,000
      42,270 SF

      1st St

      DEPARTMENT STORE • 42,270 SF
      1st St, Milan, TN 38358
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    • Value Estimation by Request
      2,492 SF

      1013 Main St

      Individual retail properties • 2,492 SF
      1013 Main St, Milan, TN 38358
      View Details
    • Value Estimation
      $3,535,000
      41,350 SF

      6070 C 1st S St

      DEPARTMENT STORE • 41,350 SF
      6070 C 1st S St, Milan, TN 38358
      View Details
    • Value Estimation
      $2,435,000
      67,436 SF

      6025 1st St

      DEPARTMENT STORE • 67,436 SF
      6025 1st St, Milan, TN 38358-3158
      View Details
    • Value Estimation by Request
      2,235 SF

      6079 1st St

      RETAIL STORES (PERSONAL SERVICES) • 2,235 SF
      6079 1st St, Milan, TN 38358-5529
      View Details
    • Value Estimation by Request
      2,666 SF

      1063 1st St

      RETAIL STORES (PERSONAL SERVICES) • 2,666 SF
      1063 1st St, Milan, TN 38358-2702
      View Details

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      5,000 SF

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      5,784 SF

      Commercial Building in Milan, TN

      5,784 SF commercial building on 0.96 acres for sale.
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      Modern Shop in Excellent Condition

      Two-year-old, 5,000 sq ft shop with modern amenities.
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    • $299,900
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      Commercial Building in Milan, TN

      5,784 SF commercial building on 0.96 acres for sale.
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    • $1,700,000
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      Land with Existing Structures, Milan

      5.5 acres on US 45 with existing structures and storage.
      12533 S 1St St, Milan, TN 38358
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      Commercial Building in Central Milan

      Highly visible commercial building suitable for retail or office use.
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    Similar Nearby for Lease

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      Retail Space on US Hwy 45E

      Retail space in Milan, TN with high traffic visibility.
      5024 S 1St St, Milan, TN 38358
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      Retail Space in Walmart Shadow

      High-traffic location with great visibility and access in Milan, TN.
      15423 S 1St St, Milan, TN 38358
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      Retail Space in Milan, Tennessee

      Retail space available on US Hwy 45 E in Milan.
      5024 S 1St St, Milan, TN 38358
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    • 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
    • Contact for pricing

      High-Traffic Retail/Office Space Available

      Retail or office space in high-traffic Walmart shadow center.
      15423 S 1St St, Milan, TN 38358
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    • Contact for pricing
      294,425 SF

      Renovated Industrial Property Off I-40

      Industrial property between Nashville and Memphis, ready for immediate occupancy.
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      View Details
    View Listing
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    5024 S 1St St
    Milan, TN 38358
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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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