Automotive Repair Facility with Paint
For Sale
$525,000
127129 127 129 Cherry St, Gray, TN 37615
Two-building commercial property with repair-shop infrastructure, finished retail space, and separate drive access.
Property Size4,976 SF
Price / SF$105.51
Days on Market28
Property Features for 127129 127 129 Cherry St
General Information
Standard status
Active
Size
4,976 SF
Site & Location
Road Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1984
Buildings
2
Listing Agency:
The Addington Agency Bristol
(423) 341-6724
Listed By:
Vivia Horn · License #330353
Source:
Thecolinandcarlygroup
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 30 at 7:28PM
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 The Addington Agency Bristol
Investment Insights
Based on property information with market context.
This automotive repair property includes two buildings totaling 4,976 square feet on just under an acre. The primary 3,500-square-foot building combines an upper-level office and restroom with garage space, a 14-by-24-foot ventilated paint booth, and multiple garage access doors. Natural gas provides heat. The paint booth and 10,000-pound hydraulic lift are negotiable with the purchase.
A separate 1,476-square-foot building offers finished interior space, one restroom, gas heat, and electric air conditioning. The building has previously served as both a church and a retail store. The property includes 142 feet of road frontage and two driveways in Gray, Tennessee. The improvements were built in 1984.
A separate 1,476-square-foot building offers finished interior space, one restroom, gas heat, and electric air conditioning. The building has previously served as both a church and a retail store. The property includes 142 feet of road frontage and two driveways in Gray, Tennessee. The improvements were built in 1984.
Key Highlights
- Two buildings totaling 4,976 square feet on just under an acre
- Primary building measures 3,500 square feet and includes garage, office, restroom, and paint booth
- 14 x 24 ventilated paint booth with 9 x 10 door and 9 x 9 overhead garage access door
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
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
217
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- 423 Motors — 724 Gray Station Rd, Gray, TN 37615
- Greene's Automotive Repair — 679 Gray Station Rd, Gray, TN 37615
Frequently Asked Questions
What type of property is this?
Auto shop - Two-building commercial property with repair-shop infrastructure, finished retail space, and separate drive access.
Where is this auto shop located?
The property is located at 127129 127 129 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: Two buildings totaling 4,976 square feet on just under an acre; Primary building measures 3,500 square feet and includes garage, office, restroom, and paint booth; 14 x 24 ventilated paint booth with 9 x 10 door and 9 x 9 overhead garage access door
