Auto Shop with Second
For Sale
$465,000
129 Cherry Street, Gray, TN 37615
Commercial Sale, Gray, TN
Property Size4,976 SF
Lot Size0.85 Acres
Price / SF$93.45
Days on Market185
Property Features for 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
Amenities
natural gas heat
office
restroom
12x12 sliding garage door
9x10 door
man door
9x9 overhead garage access door
gas heat
electric A/C
finished space
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: Sep 29
Last Checked: Oct 1 at 4:06PM
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.
The property includes a 3,500-square-foot auto repair building and a separate 1,476-square-foot structure on 0.85 acres. The main building has natural gas heat, an upper-level office, a restroom, and multiple shop access doors, including a 12-by-12-foot sliding door. Its lower section has a 9-by-10-foot door, a man door, and a 9-by-9-foot overhead door. The second building has gas heat, electric air conditioning, a restroom, and finished interior space previously used for church and retail purposes.
Two driveways connect the site to the road, with 142 feet of frontage. The buildings were constructed in 1984. The paint booth and hydraulic lift are excluded from the sale.
Two driveways connect the site to the road, with 142 feet of frontage. The buildings were constructed in 1984. The paint booth and hydraulic lift are excluded from the sale.
Key Highlights
- Two buildings total 4,976 square feet on 0.85 acres
- Main auto repair building measures 3,500 square feet; second building is 1,476 square feet
- 142 ft. of road frontage and two driveways
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
$29,938
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
6.44%
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%
$598,760
$598.8K
Cap Rate 7%
$427,686
$427.7K
Cap Rate 9%
$332,644
$332.6K
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
$44.8K $9.00/SF
− Vacancy
−$2.0K −$0.41/SF
EGI
$42.8K $8.59/SF
− OpEx
−$12.8K −$2.58/SF
NOI
$29.9K $6.02/SF
Area
Washington County, TN
Vacancy
4.50%
Lease Rate
$9.00 /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%
$598,760
Cap Rate 7%
$427,686
Cap Rate 9%
$332,644
Alternative Uses
Best Use
Retail
$1.11M
$973.1K – $1.30M
NOI $77,845 @ 7.0% cap · market cap 16.74%
Second Best
Industrial
$427.7K
$374.2K – $499.0K
NOI $29,938 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,892 @ 7.0% cap · market cap 31.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
88k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 43%
Groceries 35%
Shops & Services 21%
Home Improvements & Furnishings 1%
Food City
Groceries
30,569 visits/mo
0.3 miles
Taco Bell
Dining
15,556 visits/mo
0.5 miles
Dollar Tree
Shops & Services
11,905 visits/mo
0.3 miles
Dunkin' Donuts
Dining
11,550 visits/mo
0.2 miles
KFC
Dining
6,678 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Similar Off Market Nearby
- Firestone — 211 Suncrest St, Johnson City, TN 37615
- Gray Tire and Automotive — 211 Suncrest St, Gray, TN 37615
- 423 Motors — 724 Gray Station Rd, Gray, TN 37615
- Greene's Automotive Repair — 679 Gray Station Rd, 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 - A separate finished building adds space with a restroom, gas heat, and electric air conditioning.
Where is this auto shop located?
The property is located at 129 Cherry Street Gray, TN.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Two buildings total 4,976 square feet on 0.85 acres; Main auto repair building measures 3,500 square feet; second building is 1,476 square feet; 142 ft. of road frontage and two driveways
