Auto Shop with Paint
For Sale
Contact for pricing
127 Cherry St, Gray, TN 37615
Two-building commercial property with shop, office, restroom, heating, and additional finished space for retail or institutional use.
Property Size4,976 SF
Price / SF$105.51
Days on Market141
Property Features for 127 Cherry St
General Information
Standard status
Active
Size
4,976 SF
Total Parking Spaces
10
Property subtype
Retail, Industrial, Mixed Use
Listing Agency:
The Addington Agency
(423) 341-6724
Listed By:
Vivia Horn · License #330353
Source:
Crexi
Added: Apr 13
Changed: Aug 29
Last Checked: Aug 29 at 2:56PM
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 The Addington Agency
Investment Insights
Based on property information with market context.
This automotive property includes two buildings totaling 4,976 square feet. The primary 3,500-square-foot structure contains an upper-level office, restroom, garage area, natural gas heat, and a 10,000 lb. hydraulic lift that is negotiable with purchase. Its lower level includes a 14 x 24 ventilated paint booth, a 9 x 10 door, a man door, and a 9 x 9 overhead garage entrance. The paint booth is also negotiable with purchase.
The 1,476-square-foot secondary building offers gas heat, electric A/C, one restroom, and finished interior space previously used for church and retail purposes. The property occupies just under an acre in Gray, TN, with 142' of road frontage and two driveways. Showings require an appointment.
The 1,476-square-foot secondary building offers gas heat, electric A/C, one restroom, and finished interior space previously used for church and retail purposes. The property occupies just under an acre in Gray, TN, with 142' of road frontage and two driveways. Showings require an appointment.
Key Highlights
- 3,500‑square‑foot primary building with office, restroom, garage area, and natural gas heat
- 14 x 24 ventilated paint booth with 9 x 10 door and 9 x 9 overhead garage access
- 10,000 lb. hydraulic lift negotiable with purchase
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
$36,484
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
6.95%
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%
$729,680
$729.7K
Cap Rate 7%
$521,200
$521.2K
Cap Rate 9%
$405,378
$405.4K
Market Conditions
NOI Build-Up for 4,976 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
$59.7K $12.00/SF
− Vacancy
−$3.6K −$0.72/SF
EGI
$56.1K $11.28/SF
− OpEx
−$19.6K −$3.95/SF
NOI
$36.5K $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%
$729,680
Cap Rate 7%
$521,200
Cap Rate 9%
$405,378
Alternative Uses
Best Use
Retail
$1.11M
$973.1K – $1.30M
NOI $77,845 @ 7.0% cap · market cap 14.83%
Second Best
Flex RnD
$521.2K
$456.1K – $608.1K
NOI $36,484 @ 7.0% cap · market cap 6.95%
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
271
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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- Olde Jonesborough Body Shop At Gray — 168 red ln, gray, tn 37615
Frequently Asked Questions
What type of property is this?
Auto shop - Two-building commercial property with shop, office, restroom, heating, and additional finished space for retail or institutional use.
Where is this auto shop located?
The property is located at 127 Cherry St 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: 3,500‑square‑foot primary building with office, restroom, garage area, and natural gas heat; 14 x 24 ventilated paint booth with 9 x 10 door and 9 x 9 overhead garage access; 10,000 lb. hydraulic lift negotiable with purchase
