Versatile Mixed-Use Property, Johnson
For Sale
$364,500
1306 Milligan Highway, Johnson City, TN 37601
COMMERCIAL - Johnson City, TN
Property Size2,470 SF
Lot Size0.41 Acres
Price / SF$147.57
Days on Market97
Property Features for 1306 Milligan Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-2
Directions
Located at 1306 Milligan Highway
Subdivision
303 - SE Johnson City
Standard status
Active
APN
055j C 002.00
Size
2,470 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Annual Amount
788
Utilities
Utilities
Electricity Available
Sewer type
Private Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1946
Building materials
Block
Roof type
Shingle
Listing Agency:
Tammy Perry Properties
(828) 964-3692
Listed By:
Tammy Perry · License #261709
(828) 964-3692
Added: May 1
Changed: Aug 4
Last Checked: Aug 5 at 2:06AM
MLS# 9994924
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.
Located on Milligan Highway, this mixed-use property features an office building with an apartment and two additional lots, offering various possibilities. The upper level contains functional office space with a half bath. The lower level apartment includes a bathroom, a small kitchen/dining room, two rooms suitable for bedrooms or office space, a laundry room, and a living room, with its own access and a separate storage area. The apartment also has a mini-split system. A parking area is located behind the building, complete with a carport and easy access to Milligan Highway and the additional lot. The property also includes a dumpster. With a B-2 zoning, this 2,470 square foot property sits on a 0.41-acre lot. This property may suit those seeking a combined home and business location.
Key Highlights
- Office building with apartment and two lots on Milligan Highway.
- Functional office space with half bath.
- Apartment with bathroom, kitchen/dining area, living room, laundry room, and separate access.
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.4k | $21.60 |
| − Vacancy | −$5.3k | −$2.16 |
| EGI | $48.0k | $19.44 |
| − OpEx | −$18.0k | −$7.29 |
| NOI | $30.0k | $12.15 |
2,470 SF · lease $21.60/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Office B
$520.8K
$455.7K – $607.6K
NOI $36,457 @ 7.0% cap · market cap 10.00%
Second Best
Mixed Use
$428.7K
$375.1K – $500.2K
NOI $30,011 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$1.04M
$911.4K – $1.22M
NOI $72,914 @ 7.0% cap · market cap 20.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
218
Businesses Nearby
Explore this area
Business Placement
Demographics for 37601, TN
37,079
Population
18,153
Households
2
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
47.7 sq mi
ZIP Area
777
Density / Sq Mi
$49,658
Median Household Income
$32,312
Median Earnings
$892
Median Rent
$187,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, apartment, and lots on Milligan Highway.
Where is this mixed-use property located?
The property is located at 1306 Milligan Highway Johnson City, TN.
What is the asking price?
The asking price for this property is $364,500.
What are key features of this property?
This property features: Office building with apartment and two lots on Milligan Highway.; Functional office space with half bath.; Apartment with bathroom, kitchen/dining area, living room, laundry room, and separate access.
