Fenced Flex Space With
For Sale
$665,000
104 Center Street, Johnson City, TN 37615
Commercial Sale, Johnson City, TN
Property Size5,000 SF
Price / SF$133
Days on Market137
Property Features for 104 Center Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Subdivision
Not In Subdivision
Directions
From I26 take exit 13. Take 75 North to Gray. Left on Old Gray Station. Left on Center St. Property is on right after NAPA.
Standard status
Active
APN
012h C 011.02
Size
5,000 SF
Taxes and HOA fees
Tax Annual Amount
1083
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
conference room
kitchen
Building Details
Year built
1988
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Summit Properties
(423) 830-1133
Listed By:
Luke Siele · License #370825
(423) 914-1337
Added: May 6
Changed: Sep 16
Last Checked: Sep 19 at 8:06AM
MLS# 9994991
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 5,000 sq ft flex property, built in 1988, combines warehouse capacity with a practical office component. The layout includes two private offices, a conference room, a kitchen, one full bathroom, and two half baths. A large garage door supports loading and unloading, while the upgraded electrical panel accommodates varied commercial requirements. Heat-pump HVAC provides heating and cooling, and the building features metal siding with a metal roof.
The site is enclosed by fencing and includes an automatic gate for controlled access. Public water and public sewer serve the property, and its commercial zoning supports business-oriented occupancy. The property is positioned near interstate access, adding a transportation benefit for commercial operations.
The site is enclosed by fencing and includes an automatic gate for controlled access. Public water and public sewer serve the property, and its commercial zoning supports business-oriented occupancy. The property is positioned near interstate access, adding a transportation benefit for commercial operations.
Key Highlights
- 5,000 sq ft flex property built in 1988
- Two private offices, conference room, kitchen, and three total bathrooms
- Large garage door for loading and unloading
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
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Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercially zoned facility with dedicated offices, loading access, and secure gated entry.
Where is this flex space located?
The property is located at 104 Center Street 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 sq ft flex property built in 1988; Two private offices, conference room, kitchen, and three total bathrooms; Large garage door for loading and unloading
