Office and Apartment
1306 Milligan Highway, Johnson City, TN 37601
For Sale
$345,000
Commercial Sale, Johnson City, TN
Property Size2,470 SF
Lot Size0.41 Acres
Price / SF$139.68
Days on Market191
Property Features for 1306 Milligan Highway
General Information
Property type
Property subtype
Zoning
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Annual Amount
Utilities
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
carport
dumpster
Building Details
Year built
Building materials
Roof type
Buildings
Listing Agency:
Tammy Perry Properties
Listed By:
Tammy Perry · License #261709
(828) 964-3692
Added: May 1
Changed: Nov 4
Last Checked: Nov 7 at 7:06AM
MLS# 9994924
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.
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Investment Insights
Based on property information with market context.
The 2,470-square-foot property combines office space on the upper floor with an apartment below. The office includes a half bath. The apartment has its own entrance, a living room, two rooms suitable for bedroom or office use, a compact kitchen and dining area, a bathroom, and laundry space. A mini-split serves the apartment, and a separate storage area provides additional on-site space. The building dates to 1946 and has block construction.
The 0.41-acre property is on Milligan Highway in Johnson City, with access to the highway and an additional lot. Parking behind the building includes a carport. Public water and private sewer serve the property; electricity is available.
The 0.41-acre property is on Milligan Highway in Johnson City, with access to the highway and an additional lot. Parking behind the building includes a carport. Public water and private sewer serve the property; electricity is available.
Key Highlights
- 2,470‑square‑foot mixed‑use property with upper‑level office and lower‑level apartment
- Apartment has separate access, two flexible rooms, kitchen/dining area, bathroom, laundry, and mini‑split
- 0.41‑acre property includes an additional lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,011
Cap Rate
8.70%
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 10.57%
Second Best
Mixed Use
$428.7K
$375.1K – $500.2K
NOI $30,011 @ 7.0% cap · market cap 8.70%
Theoretical Best
Office A
$1.04M
$911.4K – $1.22M
NOI $72,914 @ 7.0% cap · market cap 21.13%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
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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
Frequently Asked Questions
What type of property is this?
Mixed-use property - Separate upper-level office and lower-level residential space support a mixed-use configuration with independent apartment access.
Where is this mixed-use property located?
The property is located at 1306 Milligan Highway Johnson City, TN.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 2,470‑square‑foot mixed‑use property with upper‑level office and lower‑level apartment; Apartment has separate access, two flexible rooms, kitchen/dining area, bathroom, laundry, and mini‑split; 0.41‑acre property includes an additional lot
