Auto Shop With Paint
For Sale
$525,000
127 129 Cherry Street, Gray, TN 37615
Commercial Sale, Gray, TN
Property Size4,976 SF
Lot Size0.85 Acres
Price / SF$105.51
Days on Market163
Property Features for 127 129 Cherry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
10
Subdivision
Not In Subdivision
Directions
From Johnson City, I-26 West 5.7 miles, exit 13, turn right on Bobby Hicks Highway, stay right on SR-75, .3 miles turn left on Old Gray Station Rd., .6 miles turn left on Cherry St.. property on the left.
Standard status
Active
APN
012h C 016.00
Size
4,976 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Annual Amount
1264
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas
Water source
Public
Amenities
office
restroom
gas heat
electric air conditioning
garage doors
two driveways
Building Details
Year built
1984
Building materials
Block
Roof type
Metal
Listing Agency:
The Addington Agency Bristol
(423) 845-5800
Listed By:
Vivia Horn · License #330353 TN. 225226449 VA.
(423) 341-6724
Added: Mar 31
Changed: Sep 6
Last Checked: Sep 9 at 11:06PM
MLS# 9993099
Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial property includes two buildings totaling 4,976 square feet on a 0.85-acre parcel. The primary 3,500-square-foot structure contains an upper-level office and restroom, garage space, natural-gas heat, a 12-by-12-foot sliding garage door, and a 14-by-24-foot ventilated paint booth with 9-by-10-foot access. A separate 1,476-square-foot building offers gas heat, electric air conditioning, a restroom, and finished interior space previously used for church and retail purposes. The 10,000-pound hydraulic lift and paint booth are negotiable with the purchase.
The property is located at 127–129 Cherry Street in Gray, Tennessee, with 142 feet of road frontage and two driveways. It has Commercial zoning, block construction, a metal roof, public water, and a septic tank. Built in 1984, the site provides a combination of automotive service improvements and additional finished commercial space.
The property is located at 127–129 Cherry Street in Gray, Tennessee, with 142 feet of road frontage and two driveways. It has Commercial zoning, block construction, a metal roof, public water, and a septic tank. Built in 1984, the site provides a combination of automotive service improvements and additional finished commercial space.
Key Highlights
- 3,500‑square‑foot primary building with garage, office, restroom, and natural‑gas heat
- 14‑by‑24‑foot ventilated paint booth with 9‑by‑10‑foot door
- 10,000‑pound hydraulic lift negotiable with purchase
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$36,484
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$729,680
$729.7K
Cap Rate 7%
$521,200
$521.2K
Cap Rate 9%
$405,378
$405.4K
Market Conditions
NOI Build-Up for 4,976 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$59.7K $12.00/SF
− Vacancy
−$3.6K −$0.72/SF
EGI
$56.1K $11.28/SF
− OpEx
−$19.6K −$3.95/SF
NOI
$36.5K $7.33/SF
Area
Washington County, TN
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$729,680
Cap Rate 7%
$521,200
Cap Rate 9%
$405,378
Alternative Uses
Best Use
Retail
$1.11M
$973.1K – $1.30M
NOI $77,845 @ 7.0% cap · market cap 14.83%
Second Best
Flex RnD
$521.2K
$456.1K – $608.1K
NOI $36,484 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,892 @ 7.0% cap · market cap 27.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37615, TN
22,151
Population
9,946
Households
2.2
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
37.6 sq mi
ZIP Area
589
Density / Sq Mi
$75,556
Median Household Income
$43,758
Median Earnings
$966
Median Rent
$261,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
- Firestone — 211 Suncrest St, Johnson City, TN 37615
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- 423 Motors — 724 Gray Station Rd, Gray, TN 37615
- Greene's Automotive Repair — 679 Gray Station Rd, Gray, TN 37615
- Olde Jonesborough Body Shop At Gray — 168 red ln, gray, tn 37615
Frequently Asked Questions
What type of property is this?
Auto shop - Two-building commercial property with repair, office, and adaptable finished space.
Where is this auto shop located?
The property is located at 127 129 Cherry Street Gray, TN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,500‑square‑foot primary building with garage, office, restroom, and natural‑gas heat; 14‑by‑24‑foot ventilated paint booth with 9‑by‑10‑foot door; 10,000‑pound hydraulic lift negotiable with purchase
