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

    960 Hwy 51st N Covington, TN 38019-1524

    • Retail space
    • 9,240 SF
    • 1.06 lot acres
    OFF-MARKET
    Value Estimations
    $1,285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1525391
    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

    • Retail space

    Property Details for 960 Hwy 51st N

    Year built
    2010
    Construction
    FRAME
    Lot size
    1.06 lot acres
    Property size
    9,240 SF
    Property type
    Retail space
    APN
    084025K B 01607
    APU
    084025KB01607

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,805,000
      6.5%
      $1,665,000
      7%
      $1,545,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $865,000
      Market price range: $263k - $866k
      AI Estimate
      $1,329,000
      Market price range: $326k - $1.33M

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

    Location Insight

    • Map
    • Local Demand
    City
    Covington
    County
    Tipton
    State
    Tennessee
    Longitude
    -89.6416
    Latitude
    35.58
    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
    $8,385
    $58,000
    $215,080
    $273,080
    -
    $145,000
    $537,700
    $682,700

    Comparable in this City

    • Value Estimation by Request
      1,620 SF

      3515 Holly Grv Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,620 SF
      3515 Holly Grv Rd, Covington, TN 38019-5729
      View Details
    • Value Estimation by Request
      1,550 SF

      118 Main St

      RETAIL STORES (PERSONAL SERVICES) • 1,550 SF
      118 Main St, Covington, TN 38019-2102
      View Details
    • Value Estimation by Request
      3,360 SF

      1289 Millstone Mtn Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,360 SF
      1289 Millstone Mtn Rd, Covington, TN 38019-4049
      View Details
    • Value Estimation by Request
      1,760 SF

      825 Peeler Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,760 SF
      825 Peeler Rd, Covington, TN 38019-1942
      View Details
    • Value Estimation by Request
      3,700 SF

      4464 Bride Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,700 SF
      4464 Bride Rd, Covington, TN 38019-6142
      View Details
    • Value Estimation by Request
      777 SF

      1035 Hwy 51st S

      RETAIL STORES (PERSONAL SERVICES) • 777 SF
      1035 Hwy 51st S, Covington, TN 38019-3236
      View Details

    Similar Nearby for Sale

    • $184,000

      Commercial Building with New HVAC

      Commercial building in Covington, TN, featuring new HVAC and parking.
      1031 Highway 51, Covington, TN 38019
      View Details
    • $1,152,000

      Retail Property Near Blue Oval

      Retail space with long-term lease and high-traffic location.
      416 S 51, Covington, TN 38019
      View Details
    • $1,325,000
      24,950 SF

      Retail Portfolio in Covington, TN

      Two-building retail portfolio with value-add potential in Covington, TN.
      919 Highway 51 S, Covington, TN 38019
      View Details
    • $425,000
      6,375 SF

      Retail Property on Highway 51

      Multitenant retail property with high visibility and ample parking.
      51 U.s North, 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
    • $2,500,000
      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

    Similar Nearby for Lease

    • $1.00 SF/Yr

      Versatile Commercial Spaces Available

      Multiple spaces available for lease, suitable for various businesses.
      114 W Liberty Ave, 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
    • Contact for pricing
      1,500 SF

      Covington Retail Space - Highway 51

      Prime Retail Space, 1500 sq ft, Covington, TN
      1618 Highway 51, Covington, TN 38019
      View Details
    • Contact for pricing
      17,466 SF

      Covington Retail Outparcel - Hwy 51

      Prime Hwy 51 Retail, Drive-Thru Available
      881 Highway 51, Covington, TN 38019
      View Details
    • $14 SF/Yr
      2,776 SF

      Covington Restaurant - Hwy 51 N

      Prime Covington Restaurant Space. High-traffic location.
      829 Us-51, Covington, TN 38019
      View Details
    • Contact for pricing
      34,380 SF

      Renovated Retail Space Available

      Renovated retail space with strong co-tenancy and high visibility.
      975 Highway 51 N, 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.
    960 Hwy 51st N
    Covington, TN 38019-1524
    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.