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Property profile & analytics
FOR SALE
Retail properties & Spaces
975 Highway 51 South Covington TN Covington, TN 38019
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US80-0922958
For Sale
1 / 7
Contact for pricing
975 Highway 51 South Covington TN, Covington, TN 38019
View Listing →
Property profile
Verified
Property type
Retail properties & Spaces
Use group
DEPARTMENT STORE
Year built
1990
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
71,078 SF
Lot
11.44 ac (498,326 SF)
APN
084025F A 01300
UPID
US80-0922958
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Zippy Carpet Cleaning's & Flooring Contractor Co. Carpet Cleaning Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.03M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.74M
Blend (final)
Blend
$4.55M
Owner & transaction history
Mh40 Properties LLC · 2 yrs held
Mh40 Properties LLC
since 2023
Last sale
$4.7M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$5.7M
+35.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Covington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Covington submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$4,655,000
ML approach
$4,030,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$4,185,000
Current use
COMMERCIAL (GENERAL)
$5,670,000
Change: +35% · Conversion: Easy
Blend value · Realmo final
$4.55M
Range $4.09M – $5.00M · ±10% · vs last sale $4.70M (Aug 25 2023)
Last sale anchor
$4.70M
Aug 25 2023
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$64 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$15,750
Tax year 2022
Assessed value
$1,043,280
Assessed 2023
Previous assessed
$480,000
+117.4% YoY
Effective rate
1.51%
On assessed value
Assessed land
$219,280
Assessed improvement
$824,000
Land market value
$548,200
Improvement market value
$2,060,000
Total market value
$2,608,200
Applied tax rate
84.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail properties & Spaces
Use group
DEPARTMENT STORE
Status
For Sale
Year built
1990
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
AC.PACKAGE
Stories
1
Units
1
Bathrooms
4
Total area
71,078 SF
Lot
11.44 ac (498,326 SF)
APN
084025F A 01300
UPID
US80-0922958
Jurisdiction
TIPTON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$4.2M
COMMERCIAL (GENERAL)
Est. value
$5.7M
RETAIL STORES Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1990
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Units
1
Bathrooms
4
Lot
11.44 ac
Current owner
From public records · entity-resolved
Mh40 Properties LLC
Entity
Mailing address
1388 DORIS CIR, GREENVILLE, NC 27858-7956
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 25, 2023
$4,700,000
Mh40 Properties LLC
Blume Spe Covington LLC
Warranty Deed
$300,000 · First Citizens Bank & Trust Co
Apr 2, 2007
$2,194,304
Blume Spe Covington LLC
Benenson Capital Co LLC
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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