Freestanding Warehouse with Loading
For Sale
$665,000
104 Center St, Johnson City, TN 37615
5,000 sq ft warehouse with a large garage door, offices, conference room, and fenced, gated lot for controlled access.
Property Size5,000 SF
Price / SF$133
Days on Market123
Property Features for 104 Center St
General Information
Standard status
Active
Size
5,000 SF
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Drive-In Doors
1
Listing Agency:
Summit Properties
(423) 830-1133
Listed By:
Luke Siele · License #370825
(423) 914-1337
Source:
Exprealty
Added: May 6
Changed: Aug 23
Last Checked: Sep 4 at 1:28PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Summit Properties
Investment Insights
Based on property information with market context.
This well-maintained warehouse offers a spacious, versatile layout supported by practical improvements throughout. The interior includes two private offices, a dedicated conference room, and a fully equipped kitchen, along with one full bathroom and two half baths. A large garage door supports convenient loading and unloading, and a high-efficiency HVAC system helps maintain comfort year-round. The upgraded electrical panel is included for a range of commercial needs.
The property sits at 104 Center St in Johnson City, Tennessee, with easy access described as being just minutes from the interstate. Outside, the lot is gated and fully fenced, with an automatic gate designed to support secure, controlled entry.
Overall, the combination of loading access, office support space, and fenced perimeter security makes this a straightforward option for businesses looking for an operational warehouse with built-in workplace amenities.
The property sits at 104 Center St in Johnson City, Tennessee, with easy access described as being just minutes from the interstate. Outside, the lot is gated and fully fenced, with an automatic gate designed to support secure, controlled entry.
Overall, the combination of loading access, office support space, and fenced perimeter security makes this a straightforward option for businesses looking for an operational warehouse with built-in workplace amenities.
Key Highlights
- 5,000 SF commercial warehouse with a large garage door for loading and unloading
- Includes two private offices, a dedicated conference room, and a fully equipped kitchen
- Bathroom amenities include 1 full bathroom and 2 half baths
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
$36,660
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
5.51%
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%
$733,200
$733.2K
Cap Rate 7%
$523,714
$523.7K
Cap Rate 9%
$407,333
$407.3K
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
$60.0K $12.00/SF
− Vacancy
−$3.6K −$0.72/SF
EGI
$56.4K $11.28/SF
− OpEx
−$19.7K −$3.95/SF
NOI
$36.7K $7.33/SF
Area
Washington County, TN
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$733,200
Cap Rate 7%
$523,714
Cap Rate 9%
$407,333
Alternative Uses
Best Use
Flex RnD
$523.7K
$458.3K – $611.0K
NOI $36,660 @ 7.0% cap · market cap 5.51%
Second Best
Warehouse
$484.5K
$423.9K – $565.3K
NOI $33,915 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,600 @ 7.0% cap · market cap 22.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37615, TN
22,151
Population
9,946
Households
2.2
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
37.6 sq mi
ZIP Area
589
Density / Sq Mi
$75,556
Median Household Income
$43,758
Median Earnings
$966
Median Rent
$261,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 5,000 sq ft warehouse with a large garage door, offices, conference room, and fenced, gated lot for controlled access.
Where is this warehouse located?
The property is located at 104 Center St Johnson City, TN.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: 5,000 SF commercial warehouse with a large garage door for loading and unloading; Includes two private offices, a dedicated conference room, and a fully equipped kitchen; Bathroom amenities include 1 full bathroom and 2 half baths
