Commercial Property in Gray,
For Sale
$525,000
127 129 Cherry Street, Gray, TN 37615
COMMERCIAL - Gray, TN
Property Size4,976 SF
Lot Size0.85 Acres
Price / SF$105.51
Days on Market124
Property Features for 127 129 Cherry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
10
Subdivision
Not In Subdivision
Directions
From Johnson City, I-26 West 5.7 miles, exit 13, turn right on Bobby Hicks Highway, stay right on SR-75, .3 miles turn left on Old Gray Station Rd., .6 miles turn left on Cherry St.. property on the left.
Standard status
Active
APN
012h C 016.00
Size
4,976 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Annual Amount
1264
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1984
Building materials
Block
Roof type
Metal
Listing Agency:
The Addington Agency Bristol
(423) 845-5800
Listed By:
Vivia Horn · License #330353 TN. 225226449 VA.
(423) 341-6724
Added: Mar 31
Changed: May 21
Last Checked: Aug 1 at 1:06AM
MLS# 9993099
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 commercial property is located in Gray, Tennessee. The property is currently used as a paint and body repair facility. The larger building offers 3500 square feet of space, featuring an office on the upper walk-in level, a restroom, and garage space. A 10,000 lb. hydraulic lift and a 12 x 12 sliding garage door are negotiable with purchase. The lower part of the larger building includes a 14 x 24 ventilated paint booth with a 9 x 10 door and a man door, also negotiable with purchase, along with a 9 x 9 overhead garage access door into the shop. Natural gas provides heat for the larger building. The second, smaller building provides 1,476 square feet of finished space with gas heat, electric A/C, and one restroom. This space has been used as a church and as a retail store. The property is situated on just under an acre of land, featuring 142 feet of road frontage and two driveways. The property is zoned commercial, offering potential for various business uses.
Key Highlights
- Excellent commercial location in Gray, TN with HIGH ROAD FRONTAGE (142').
- Large 3,500 sq. ft. building suitable for paint and body repair with negotiable 10,000 lb. hydraulic lift and paint booth.
- Second 1,476 sq. ft. building with gas heat, electric A/C, and finished space suitable for retail or church use.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $44.8k | $9.00 |
| − Vacancy | −$2.0k | −$0.41 |
| EGI | $42.8k | $8.59 |
| − OpEx | −$12.8k | −$2.58 |
| NOI | $29.9k | $6.02 |
4,976 SF · lease $9.00/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.11M
$973.1K – $1.30M
NOI $77,845 @ 7.0% cap · market cap 14.83%
Second Best
Industrial
$427.7K
$374.2K – $499.0K
NOI $29,938 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,892 @ 7.0% cap · market cap 27.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
45k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 68%
Dining 31%
Shops & Services 1%
Food City
Groceries
30,569 visits/mo
0.5 miles
Dunkin' Donuts
Dining
11,550 visits/mo
0.4 miles
Little Caesars Pizza
Dining
2,476 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
526 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Firestone — 211 Suncrest St, Johnson City, TN 37615
- Greene's Automotive Repair — 679 Gray Station Rd, Gray, TN 37615
- 423 Motors — 724 Gray Station Rd, Gray, TN 37615
- Gray Tire and Automotive — 211 Suncrest St, Gray, TN 37615
- Olde Jonesborough Body Shop At Gray — 168 red ln, gray, tn 37615
Frequently Asked Questions
What type of property is this?
Auto shop - Commercial space in Gray, TN, suitable for retail or automotive.
Where is this auto shop located?
The property is located at 127 129 Cherry Street Gray, TN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Excellent commercial location in Gray, TN with HIGH ROAD FRONTAGE (142').; Large 3,500 sq. ft. building suitable for paint and body repair with negotiable 10,000 lb. hydraulic lift and paint booth.; Second 1,476 sq. ft. building with gas heat, electric A/C, and finished space suitable for retail or church use.
