Two-Story Brick Storefront
For Sale
$600,000
140 W Market Street, Johnson City, TN 37604
COMMERCIAL - Johnson City, TN
Property Size5,000 SF
Lot Size0.05 Acres
Price / SF$120
Days on Market155
Property Features for 140 W Market Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Directions
140 W Main Street. GPS friendly.
Subdivision
301 - NW Johnson City
Standard status
Active
APN
046n L 007.00
Size
5,000 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
960
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air, Heat Pump (Heating)
Cooling system
Ceiling Fan(s), Heat Pump, Central Air
Water source
Public
Amenities
apartment
storage
Building Details
Year built
1920
Building materials
Brick
Listing Agency:
Coldwell Banker Security Real Estate · Coldwell Banker Real Estate
(423) 282-2595
Listed By:
Jason Johnston · License #00257969
(423) 446-0148
Added: Mar 11
Changed: Aug 4
Last Checked: Aug 12 at 6:06PM
MLS# 9992287
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 two-story brick storefront building totals 5,000 SF and is currently set up with a long-term business, one finished apartment, and substantial storage. The lower level is described as 2,500 SF for business use, while the second floor could be used for business or residential, offering flexibility for an owner-operator or tenant. The property is zoned B2 and features public water and public sewer.
Built in 1920, the building is heated by forced air, a heat pump, and electric heat, and it is cooled with a heat pump, ceiling fans, and central air. The property is located in downtown Johnson City, TN at 140 W Market Street, and the current business is ZZTopps, which does custom T-shirts, embroidery, and printing. The business name, equipment, and inventory may also be available for sale with the building, but the building must sell first.
Local major employers listed include A.O. Smith, East Tennessee State University, Ballad Healthcare (the Med Center for the Johnson City Facility), and a VA Medical Campus within four miles.
Built in 1920, the building is heated by forced air, a heat pump, and electric heat, and it is cooled with a heat pump, ceiling fans, and central air. The property is located in downtown Johnson City, TN at 140 W Market Street, and the current business is ZZTopps, which does custom T-shirts, embroidery, and printing. The business name, equipment, and inventory may also be available for sale with the building, but the building must sell first.
Local major employers listed include A.O. Smith, East Tennessee State University, Ballad Healthcare (the Med Center for the Johnson City Facility), and a VA Medical Campus within four miles.
Key Highlights
- 5,000 SF two‑story brick storefront building
- Lower level is 2,500 SF designated for business use
- One finished apartment plus tons of storage
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
$28,265
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
4.71%
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%
$565,300
$565.3K
Cap Rate 7%
$403,786
$403.8K
Cap Rate 9%
$314,056
$314.1K
Market Conditions
NOI Build-Up for 5,000 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
$55.2K $11.04/SF
− Vacancy
−$3.8K −$0.76/SF
EGI
$51.4K $10.28/SF
− OpEx
−$23.1K −$4.63/SF
NOI
$28.3K $5.65/SF
Area
Washington County, TN
Vacancy
6.90%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
45.00%
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%
$565,300
Cap Rate 7%
$403,786
Cap Rate 9%
$314,056
Alternative Uses
Best Use
Retail
$1.12M
$977.8K – $1.30M
NOI $78,221 @ 7.0% cap · market cap 13.04%
Second Best
Apartment 5plus
$403.8K
$353.3K – $471.1K
NOI $28,265 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,600 @ 7.0% cap · market cap 24.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,703
Businesses Nearby
22k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 41%
Electronics 7%
Renasant Bank
Shops & Services
10,280 visits/mo
0.3 miles
Wild Wing Cafe
Dining
8,911 visits/mo
0.2 miles
Metro by T-Mobile
Electronics
1,554 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
1,157 visits/mo
0.3 miles
Demographics for 37604, TN
37,025
Population
19,334
Households
1.9
Avg Household Size
38
Median Age
39%
College-Educated
89%
High-School Grad
33.0 sq mi
ZIP Area
1,122
Density / Sq Mi
$49,351
Median Household Income
$31,863
Median Earnings
$950
Median Rent
$231,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Anna Marie's Florist — 905 W Watauga Ave, Johnson City, TN 37604
Frequently Asked Questions
What type of property is this?
Storefront property - Two-story brick storefront building zoned B2 with a finished apartment and public utilities on a small downtown lot.
Where is this storefront property located?
The property is located at 140 W Market Street Johnson City, TN.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 5,000 SF two‑story brick storefront building; Lower level is 2,500 SF designated for business use; One finished apartment plus tons of storage
