For Sale
$1,311,806

416 Us-51Covington, TN 38019

High-yield bank investment, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
114
This fee-simple, absolute triple-net (NNN) leased property presents a compelling investment opportunity in Covington, Tennessee. The 3,552 square foot building, constructed in 1994 and renovated in 2018, is currently 100% occupied by a corporate-guaranteed tenant under an 11-year lease commencing June 23, 2017, and expiring June 23, 2028. With 3.6 years remaining on the primary lease term and two 5-year options, this investment offers significant long-term stability. The property boasts a 7.75% cap rate and a net operating income (NOI) of $101,665, with annual rent bumps of 2%. Located on a 0.8-acre lot at 416 US-51, the property benefits from high visibility and traffic, with over 20,000 vehicles passing daily. Ample parking is available with 60 spaces. The property is situated in a designated Opportunity Zone and enjoys proximity to major retailers including a Walmart Supercenter, McDonald's, Wendy's, Subway, Save-A-Lot, Holiday Inn, and Quality Inn. The property's zoning is commercial. The asking price is $1,311,806, translating to $369.31 per square foot. This is a truly passive investment with no landlord responsibilities.

Highlights

  • $1,311,806 asking price for this 3,552 SF retail property in Covington, TN.
  • Absolute NNN lease with corporate guarantee, offering a 7.75% cap rate.
  • 11-year lease with 3.6 years remaining and two 5-year options; 2% annual rent bumps.
  • Located in a designated Opportunity Zone, with 20,000 VPD traffic count.
  • Situated near a Walmart Supercenter and other national brand tenants.

Property Details for 416 Us-51

Property type
Retail properties, Banks
Square Feet
3,552 SF
Class
B
Year Built/Renovated
1994/2018
Lot Size (sq. ft)
34,848 SF
Units
1

Location Insight

City
Covington
County
Tipton
State
Tennessee
Latitude
35.5674037
Longitude
-89.6470581
416 Us-51, Covington, Tennessee

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416 Us-51
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