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    Three Unit Investment Property Title is generated by Realmo AI

    3536/3538 W Walnut Street, Johnson City, TN 37604

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    For Sale
    $449,000

    MULTI_FAMILY - Other - Johnson City, TN

    Property size:
    1,764 SF
    Lot size:
    1.11 Acres
    Price / SF:
    $254/SF
    Added:
    Sep 16, 2025
    Days on Market:
    259
    Last Refresh:
    Jun 1 at 3:06 am

    Property Features for 3536/3538 W Walnut Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    residential
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Dining Room, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 2, Bedroom 3
    Parking features
    Driveway
    Patio and Porch features
    Porch, Patio
    Interior features
    Kitchen/Dining Combo, Laminate Counters, Open Floorplan, Remodeled
    Appliances
    Dishwasher, Electric Range, Microwave, Refrigerator
    Standard status
    Active
    APN
    053j A 015.00
    Size
    1,764 SF
    Lot size
    1.11 Acres

    Taxes and HOA fees

    Tax Annual Amount
    892

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Septic Tank
    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump, Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1940
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Concrete, Laminate, Tile
    Building materials
    Brick, Metal Siding, Vinyl Siding
    Roof type
    Shingle
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Meghan Masters

    Listing agent Meghan Masters License #350908

    Listing office Property Executives Johnson City 2694 Boones Creek Road Suite #4, TN

    Listing date Sep 16, 2025

    MLS# 9985865 Listing URL

    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.

    HighLights

    • Strong cash flow property with three rental units
    • No city taxes
    • Mix of unit sizes appeals to a wide range of tenants
    • Duplex units are updated inside with oak cabinetry and upgraded appliances
    • Separate water meters for duplex and double wide
    • Brick and metal exterior on duplex

    Overview

    This property features three rental units, offering income potential. The duplex has a brick and metal exterior and includes a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit, both with updated interiors. The kitchens feature oak cabinetry and upgraded appliances. The flooring is stained concrete with tile in the bathrooms. Natural gas water heaters and gas logs are present in the duplex units, and all bedrooms have ceiling fans. A separate 3-bedroom, 2-bath double wide provides additional rental versatility with living space. The property, totaling 1764 square feet on a 1.11-acre lot, includes a mix of unit sizes. Unit #1, a 2-bedroom, 1-bath unit, rents for $1350.00 per month, including power, gas, and water. Unit #2, a 1-bedroom, 1-bath unit, rents for $1050.00 per month, also including power, gas, and water. The 3-bedroom, 2-bath unit rents for $1515.00 per month, including power, gas, and water. All three units are on one parcel. The duplex and double wide have separate water meters. Located in Johnson City, TN, the property is zoned residential and offers potential for investors. The property is located at 3536/3538 W Walnut Street and is located in Washington County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Building Supply Auto Repair Shop Pharmacy Big Box & Wholesale Store Skin Care Clinic Accounting Firm Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Johnson City
    County
    Washington
    State
    Tennessee
    Longitude
    -82.424124
    Latitude
    36.300404

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    FAQs

    What type of property is this?
    Multifamily property - Three residential units with strong income potential in Johnson City.
    Where is this multifamily property located?
    The property is located at 3536/3538 W Walnut Street Johnson City, TN.
    What is the asking price?
    The asking price for this property is $449,000.
    What are key features of this property?
    This property features: Strong cash flow property with three rental units; No city taxes; Mix of unit sizes appeals to a wide range of tenants
    (423) 202-5208
    We can help!
    Listing Contact
    Meghan Masters
    Real Estate License ID: 350908
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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