Mixed-Use Office and
For Sale
$364,500
1306 Milligan Hwy, Johnson City, TN 37601
Office and apartment areas occupy separate levels, with independent lower-level access and rear parking.
Property Size2,470 SF
Price / SF$147.57
Days on Market52
Property Features for 1306 Milligan Hwy
General Information
Standard status
Active
Size
2,470 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
1
Building Details
Year Built
1946
Buildings
1
Stories
2
Listing Agency:
Tammy Perry Properties
Listed By:
Tammy Perry · License #261709
(828) 964-3692
Source:
Thecolinandcarlygroup
Added: Aug 25
Changed: Oct 10
Last Checked: Oct 15 at 12:07AM
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 Tammy Perry Properties
Investment Insights
Based on property information with market context.
This mixed-use property combines an upper-level office with a lower-level apartment, providing distinct spaces within a 2,470-square-foot building constructed in 1946. The office includes a half bath. The apartment has its own entrance, full bathroom, compact kitchen and dining area, living room, laundry room, and two additional rooms suitable for bedroom or office use. A mini-split serves the apartment, and the property also includes a separate large storage area.
A rear parking area includes a carport, while the property provides direct access to Milligan Highway. The offering includes two lots and an on-site dumpster, adding land and operational features to the building configuration.
A rear parking area includes a carport, while the property provides direct access to Milligan Highway. The offering includes two lots and an on-site dumpster, adding land and operational features to the building configuration.
Key Highlights
- 2,470‑square‑foot mixed‑use building constructed in 1946
- Upper‑level office with half bath
- Lower‑level apartment with separate access, kitchen, bathroom, laundry, and two additional rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,011
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$600,220
$600.2K
Cap Rate 7%
$428,729
$428.7K
Cap Rate 9%
$333,456
$333.5K
Market Conditions
NOI Build-Up for 2,470 SF
Gross rent
$53.4K $21.60/SF
− Vacancy
−$5.3K −$2.16/SF
EGI
$48.0K $19.44/SF
− OpEx
−$18.0K −$7.29/SF
NOI
$30.0K $12.15/SF
Area
Washington County, TN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$600,220
Cap Rate 7%
$428,729
Cap Rate 9%
$333,456
Alternative Uses
Best Use
Office B
$520.8K
$455.7K – $607.6K
NOI $36,457 @ 7.0% cap · market cap 10.00%
Second Best
Mixed Use
$428.7K
$375.1K – $500.2K
NOI $30,011 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$1.04M
$911.4K – $1.22M
NOI $72,914 @ 7.0% cap · market cap 20.00%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Explore this area
Business Placement
Demographics for 37601, TN
37,079
Population
18,153
Households
2
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
47.7 sq mi
ZIP Area
777
Density / Sq Mi
$49,658
Median Household Income
$32,312
Median Earnings
$892
Median Rent
$187,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office and apartment areas occupy separate levels, with independent lower-level access and rear parking.
Where is this mixed-use property located?
The property is located at 1306 Milligan Hwy Johnson City, TN.
What is the asking price?
The asking price for this property is $364,500.
What are key features of this property?
This property features: 2,470‑square‑foot mixed‑use building constructed in 1946; Upper‑level office with half bath; Lower‑level apartment with separate access, kitchen, bathroom, laundry, and two additional rooms
