Renovated Mixed-Use
For Sale
$1,600,000
Pending
1412 Knob Creek Road, Johnson City, TN 37604
Multi Family, Johnson City, TN
Property Size10,991 SF
Lot Size1.30 Acres
Days on Market231
Property Features for 1412 Knob Creek Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
B1
Bedrooms
16
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 9, Dining Room, Bathroom 1, Bedroom 13, Bedroom 16, Bedroom 12, Bedroom 7, Bedroom 2, Bedroom 6, Bathroom 3, Bedroom 11, Bathroom 6, Bedroom 3, Bedroom 9, Bathroom 4, Bedroom 5, Bathroom 7, Bedroom 1, Bathroom 5, Bedroom 14, Bathroom 10, Bathroom 8, Bedroom 4, Bedroom 15, Bathroom 2, Bedroom 8, Bedroom 10, Bathroom 11
Window features
Double Pane Windows
Interior features
Kitchen/Dining Combo, Restored
Elementary school
Woodland Elementary
Middle school
Liberty Bell
High school
Science Hill
Directions
Corner of Pactolas and Knob Creek Road in Johnson City, between Sunset and State of Franklin. Property is commercial 4748 sq ft commercial space, and 8 next door apartments.
Standard status
Pending
APN
046i E 013.00
Size
10,991 SF
Lot size
1.30 Acres
Taxes and HOA fees
Tax Annual Amount
1016
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
washer/dryer hookups
Building Details
Year built
1965
Floors in Building
2
Number of units
9
Flooring type
Laminate, Carpet
Building materials
Brick, Vinyl Siding
Listing Agency:
REMAX Checkmate, Inc. Realtors · RE/MAX International
(423) 282-0432
Listed By:
Jay Goodson · License #329807
(423) 612-3035
Added: Jan 20
Changed: Sep 8
Last Checked: Sep 8 at 10:06PM
MLS# 9990357
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 mixed-use property combines eight renovated multifamily units with an adjacent commercial building. Each apartment includes two bedrooms, one bathroom, and washer-dryer hookups. Renovation work includes new kitchens, plumbing, siding, roofing, repaired walls, and exterior decking. The commercial component provides 4,748 square feet of space, along with a new roof and refreshed exterior.
The property encompasses 1.3 acres and carries B1 zoning. Public water and public sewer serve the site. Interior features include kitchen and dining combinations, while central air, central heating, and ceiling fans support the improvements. The offering is positioned near shopping and schools in Johnson City, with the apartment and commercial components conveyed together.
The property encompasses 1.3 acres and carries B1 zoning. Public water and public sewer serve the site. Interior features include kitchen and dining combinations, while central air, central heating, and ceiling fans support the improvements. The offering is positioned near shopping and schools in Johnson City, with the apartment and commercial components conveyed together.
Key Highlights
- Eight 2‑bedroom, 1‑bath multifamily units
- 4,748‑square‑foot adjacent commercial building
- 1.3‑acre mixed‑use property
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
$133,541
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
8.35%
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%
$2,670,820
$2.7M
Cap Rate 7%
$1,907,729
$1.9M
Cap Rate 9%
$1,483,789
$1.5M
Market Conditions
NOI Build-Up for 10,991 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
$237.4K $21.60/SF
− Vacancy
−$23.7K −$2.16/SF
EGI
$213.7K $19.44/SF
− OpEx
−$80.1K −$7.29/SF
NOI
$133.5K $12.15/SF
Area
Washington County, TN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,670,820
Cap Rate 7%
$1,907,729
Cap Rate 9%
$1,483,789
Alternative Uses
Best Use
Mixed Use
$1.91M
$1.67M – $2.23M
NOI $133,541 @ 7.0% cap · market cap 8.35%
Second Best
Multifamily LT 5
$998.3K
$873.6K – $1.16M
NOI $69,884 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$4.64M
$4.06M – $5.41M
NOI $324,454 @ 7.0% cap · market cap 20.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
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 Multifamily 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 - Combined multifamily and commercial improvements with renovated apartments, updated exterior work, and flexible owner-user potential.
Where is this mixed-use property located?
The property is located at 1412 Knob Creek Road Johnson City, TN.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Eight 2‑bedroom, 1‑bath multifamily units; 4,748‑square‑foot adjacent commercial building; 1.3‑acre mixed‑use property
