Corner Storefront Commercial
For Sale
$360,000
124 Tipton Street, Johnson City, TN 37604
COMMERCIAL - Johnson City, TN
Property Size1,475 SF
Price / SF$244.07
Days on Market145
Property Features for 124 Tipton Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B 2
Subdivision
Tipton Street Condominiums
Directions
Take N Roan St heading toward Downtown Johnson City. Turn right onto Buffalo St. Turn left onto E Main St. Turn right on Spring St. Turn right onto Tipton St. 124 Tipton St is on the corner of Spring St and Tipton St.
Standard status
Active
APN
046n O 01800c001
Size
1,475 SF
Taxes and HOA fees
Tax Annual Amount
1346
HOA Fee
$251 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
expansive storefront windows
natural light
open layout
exposed ductwork
high ceilings
3 doors of entry
Building Details
Year built
1925
Building materials
Brick
Listing Agency:
KW Johnson City · Keller Williams Realty
(423) 433-6500
Listed By:
Ryan McKinney · License #322580
(423) 773-1607
Added: Mar 24
Changed: Aug 4
Last Checked: Aug 15 at 3:06AM
MLS# 9992793
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 1,475-square-foot commercial condominium occupies the main level of a brick building constructed in 1925. The interior combines an open floor plan with exposed ductwork, high ceilings, and abundant natural light. Storefront glazing extends along two sides of the space, while three entry doors support customer and staff access. Central heating and central air are in place, with public water and public sewer serving the property.
Located at a prominent downtown corner in Johnson City, the property fronts Tipton Street near Label Restaurant and Juan Siao. The surrounding corridor receives foot and vehicle traffic, and the B-2 zoning supports a range of commercial uses. The space can accommodate retail, office, showroom, boutique fitness, or service-oriented operations, subject to applicable requirements.
Located at a prominent downtown corner in Johnson City, the property fronts Tipton Street near Label Restaurant and Juan Siao. The surrounding corridor receives foot and vehicle traffic, and the B-2 zoning supports a range of commercial uses. The space can accommodate retail, office, showroom, boutique fitness, or service-oriented operations, subject to applicable requirements.
Key Highlights
- 1,475 SF main‑level commercial condominium
- Wraparound storefront windows on two sides
- Open interior with exposed ductwork and high ceilings
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
$23,075
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
6.41%
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%
$461,500
$461.5K
Cap Rate 7%
$329,643
$329.6K
Cap Rate 9%
$256,389
$256.4K
Market Conditions
NOI Build-Up for 1,475 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
$34.0K $23.04/SF
− Vacancy
−$1.0K −$0.69/SF
EGI
$33.0K $22.35/SF
− OpEx
−$9.9K −$6.70/SF
NOI
$23.1K $15.64/SF
Area
Washington County, TN
Vacancy
3.00%
Lease Rate
$23.04 /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%
$461,500
Cap Rate 7%
$329,643
Cap Rate 9%
$256,389
Alternative Uses
Best Use
Retail
$329.6K
$288.4K – $384.6K
NOI $23,075 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$622.0K
$544.3K – $725.7K
NOI $43,542 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,678
Businesses Nearby
56k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 76%
Shops & Services 24%
McDonald's
Dining
33,919 visits/mo
0.4 miles
Renasant Bank
Shops & Services
10,280 visits/mo
0.2 miles
Wild Wing Cafe
Dining
8,911 visits/mo
0.2 miles
Sunoco
Shops & Services
3,088 visits/mo
0.3 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Anna Marie's Florist — 905 W Watauga Ave, Johnson City, TN 37604
Frequently Asked Questions
What type of property is this?
Storefront property - Main-level space features expansive windows on two sides and a flexible open layout.
Where is this storefront property located?
The property is located at 124 Tipton Street Johnson City, TN.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 1,475 SF main‑level commercial condominium; Wraparound storefront windows on two sides; Open interior with exposed ductwork and high ceilings
