Multifamily and Commercial Investment
1412 Knob Creek Rd, Johnson City, TN 37604
For Sale
Contact for pricing
Pending
Multifamily and commercial property with income potential in prime location.
Property Size7,800 SF
Lot Size1.00 Acre
Days on Market287
Property Features for 1412 Knob Creek Rd
General Information
Standard status
Size
Class
Lot size
Property subtype
Zoning
Occupancy
Lease Type
Investment Type
Building Details
Year Built
Year Renovated
Buildings
Stories
Units
Tenancy
Listing Agency:
RE/MAX Checkmate Inc REALTORS
Listed By:
Jay Goodson · License TN #329807
From the agent's profile:
(423) 612-3035, (423) 282-0432
View profile
Source:
Crexi
Added: Jan 28
Changed: Aug 8
Last Checked: Aug 8 at 2:42PM
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 RE/MAX Checkmate Inc REALTORS
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Investment Insights
Based on property information with market context.
This portfolio presents an opportunity for passive income or owner-operation, featuring 8 multifamily units rented at $1250 per month. Each unit includes two bedrooms and one bathroom within newly renovated spaces. Adjacent to the residential units is a commercial building with a new roof and renovated exterior, formerly known as the Old Norris Bicycle building. The properties, including the commercial building and quadplexes, are being sold together. The 4748 square foot commercial space offers an opportunity to house a business while retaining the apartments as rentals. Subdividing of the apartments into new condos is underway, positioning the 8 units on approximately one acre with a large backyard. Extensive renovations have been completed, and apartments are being re-filled. The units feature washer and dryer hookups. Apartment renovations include siding, roof, plumbing, walls, new kitchens, and decking. The location is central, near shopping and schools. The property's total size is 7800 square feet. The apartments are being subdivided from new condos and will sit on approximately one acre. The proforma gross income will be $114,000 per year.
Key Highlights
- Portfolio includes both residential (8 renovated apartments) and commercial (4748 sq ft building) properties, offering diverse investment opportunities.
- Significant renovations completed on both apartment units and commercial building, including new roofs, siding, plumbing, kitchens, and decking.
- High income potential with a proforma gross income of $114,000 per year.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$122,024
Cap Rate
7.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,440,480
$2.4M
Cap Rate 7%
$1,743,200
$1.7M
Cap Rate 9%
$1,355,822
$1.4M
Market Conditions
NOI Build-Up for 7,800 SF
Gross rent
$179.7K $23.04/SF
− Vacancy
−$5.4K −$0.69/SF
EGI
$174.3K $22.35/SF
− OpEx
−$52.3K −$6.70/SF
NOI
$122.0K $15.64/SF
Area
Washington County, TN
Vacancy
3.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,440,480
Cap Rate 7%
$1,743,200
Cap Rate 9%
$1,355,822
Alternative Uses
Best Use
Retail
$1.74M
$1.53M – $2.03M
NOI $122,024 @ 7.0% cap · market cap 7.63%
Second Best
Apartment 5plus
$629.9K
$551.2K – $734.9K
NOI $44,094 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,256 @ 7.0% cap · market cap 14.39%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
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Business Placement
Demographics for 37604, TN
37,025
Population
19,334
Households
1.9
Avg Household Size
38
Median Age
39%
College-Educated
89%
High-School Grad
33.0 sq mi
ZIP Area
1,122
Density / Sq Mi
$49,351
Median Household Income
$31,863
Median Earnings
$950
Median Rent
$231,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily and commercial property with income potential in prime location.
Where is this apartment building located?
The property is located at 1412 Knob Creek Rd Johnson City, TN.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Portfolio includes both residential (8 renovated apartments) and commercial (4748 sq ft building) properties, offering diverse investment opportunities.; Significant renovations completed on both apartment units and commercial building, including new roofs, siding, plumbing, kitchens, and decking.; High income potential with a proforma gross income of $114,000 per year.
