Duplex With Detached
New
For Sale
$485,000
809 Ridgecrest Road, Johnson City, TN 37604
Multi Family, Johnson City, TN
Property Size2,824 SF
Lot Size0.48 Acres
Price / SF$171.74
Days on Market6
Property Features for 809 Ridgecrest Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RP 2
Bedrooms
8
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 8, Bedroom 5, Bedroom 6, Bedroom 7, Dining Room, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3
Window features
Double Pane Windows
Patio and Porch features
Deck, Porch
Interior features
Eat-in Kitchen, Kitchen/Dining Combo, Open Floorplan, Remodeled, Walk-In Closet(s)
Appliances
Dishwasher, Dryer, Electric Range, Refrigerator, Washer
Subdivision
Not In Subdivision
Elementary school
South Side
Middle school
Indian Trail
High school
Science Hill
Directions
Use any lane to turn left onto TN-67 W/US-321 S/University Pkwy Turn left onto Hwy 67 W W/Cherokee Rd Turn left onto Ridgecrest Rd Destination will be on the left
Standard status
Active
APN
054n C 04700 000
Size
2,824 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Annual Amount
743
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1972
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Carpet, Laminate
Building materials
Brick, Vinyl Siding
Roof type
Shingle
Architectural style
Cottage
Listing Agency:
Selling Stateline Real Estate Group
(423) 343-9026
Listed By:
Brittany Reed · License #330034
(423) 773-9374
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 20 at 5:06PM
MLS# 10000938
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 2,824-square-foot residential income property includes a duplex with two 2-bedroom, 1-bath units and a newly completed detached cottage with 1 bedroom and 1 bath. The cottage includes new appliances, flooring, and HVAC, while the property also offers remodeled interiors, open floorplans, eat-in kitchens, porches, and a deck. Each living area has its own HVAC and power meter; the duplex shares a water meter.
Set on 0.48 acres in Johnson City, the property is located near ETSU, downtown Johnson City, hospitals, and shopping. Public water and public sewer serve the property, which carries RP 2 zoning. The duplex is currently occupied by college students with bedrooms leased individually, and the separate cottage provides an additional residential space.
Set on 0.48 acres in Johnson City, the property is located near ETSU, downtown Johnson City, hospitals, and shopping. Public water and public sewer serve the property, which carries RP 2 zoning. The duplex is currently occupied by college students with bedrooms leased individually, and the separate cottage provides an additional residential space.
Key Highlights
- Duplex includes two 2‑bedroom, 1‑bath units
- Newly completed detached cottage with 1 bedroom and 1 bath
- 2,824 square feet on a 0.48‑acre lot
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
$17,956
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
3.70%
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%
$359,120
$359.1K
Cap Rate 7%
$256,514
$256.5K
Cap Rate 9%
$199,511
$199.5K
Market Conditions
NOI Build-Up for 2,824 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
$27.4K $9.72/SF
− Vacancy
−$1.8K −$0.64/SF
EGI
$25.7K $9.08/SF
− OpEx
−$7.7K −$2.73/SF
NOI
$18.0K $6.36/SF
Area
Washington County, TN
Vacancy
6.55%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$359,120
Cap Rate 7%
$256,514
Cap Rate 9%
$199,511
Alternative Uses
Best Use
Multifamily LT 5
$256.5K
$224.5K – $299.3K
NOI $17,956 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$228.1K
$199.6K – $266.1K
NOI $15,964 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,364 @ 7.0% cap · market cap 17.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
181
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Three distinct living spaces support student housing, multigenerational use, or an owner-occupant arrangement.
Where is this duplex located?
The property is located at 809 Ridgecrest Road Johnson City, TN.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Duplex includes two 2‑bedroom, 1‑bath units; Newly completed detached cottage with 1 bedroom and 1 bath; 2,824 square feet on a 0.48‑acre lot
