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    5602 Kingsport Highway Gray, TN 37615

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    Claim this Listing
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    For Sale
    $879,900

    COMMERCIAL - Gray, TN

    Property size:
    7,832 SF
    Lot size:
    1.08 Acres
    Price / SF:
    $112/SF
    Added:
    Apr 29, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 30 at 8:06 pm

    Property Features for 5602 Kingsport Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B4
    Standard status
    Active
    APN
    013i A 01000 000
    Size
    7,832 SF
    Lot size
    1.08 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1502

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1960
    Building materials
    Block, Concrete, Synthetic Stucco
    Roof type
    Metal, Shingle, Rubber

    We can help!

    Listing Contact
    Jay Goodson

    Listing agent Jay Goodson License #329807

    Listing office REMAX Checkmate, Inc. Realtors 904 Sunset Drive Suite 1, TN

    Listing date Apr 29, 2026

    MLS# 9994644

    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.

    Overview

    Commercial Space with Development Potential

    This commercial space, located in Boones Creek on North Roan Street/Hwy 36, offers a blend of office, retail/showroom, warehousing, and flex space. The upper level, at grade with Hwy 36, features a showroom, lobby, office areas, and a break room. The downstairs area maintains moderate temperatures year-round and includes a truck dock for loading. HVAC was replaced in 2024, and stylish finishes have been added throughout. The property has over 150 feet of road frontage on a major commercial corridor in Johnson City, along with highly visible pylon signage and a freight elevator. The property includes an adjacent 0.36-acre site, which could be developed for outbuildings or parking, providing over 1 acre of commercial space. The property is zoned B4 and has a total lot size of 1.08 acres. The building size is 7,832 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    A Nature's Healing Arts Alternative Medicine Practice The Lucky Fin Homestore Furniture & Home Goods Jim Quillin, LMT, ... Alternative Medicine Practice

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Hotel & Motel Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Gray
    County
    Washington
    State
    Tennessee
    Longitude
    -82.426132
    Latitude
    36.413651

    Nearby Similar for Sale

    • $525,000
      1,476 SF

      Commercial Space in Gray, TN

      Versatile commercial property with two buildings in Gray, Tennessee.
      127 129 Cherry Street, Gray, TN 37615
      View Details
    • $589,900

      Turnkey Fourplex in Gray, TN

      Remodeled four-unit property with strong rental income potential.
      127 Patrick Lane, Gray, TN 37615
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Versatile commercial space in Gray, TN with development opportunity.
    Where is this mixed-use property located?
    The property is located at 5602 Kingsport Highway Gray, TN.
    What is the asking price?
    The asking price for this property is $879,900.
    What are key features of this property?
    This property features: Prime commercial location on North Roan Street/ Hwy 36 with **over 150 ft of road frontage and high visibility**.; Includes two adjacent parcels totaling over 1 acre, offering development potential for outbuildings or parking.; Versatile space suitable for office, retail/showroom, warehousing, and flex space.
    (423) 612-3035
    We can help!
    Listing Contact
    Jay Goodson
    Real Estate License ID: 329807
    Learn More
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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.

    More about this property
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