Newly Renovated 8-Unit Multifamily
For Sale
$1,600,000
Pending
1412 Knob Creek Road, Johnson City, TN 37604
MULTI_FAMILY - Johnson City, TN
Property Size10,991 SF
Lot Size1.30 Acres
Days on Market208
Property Features for 1412 Knob Creek Road
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
B1
Bedrooms
16
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 3, Dining Room, Bathroom 7, Bedroom 9, Bedroom 2, Bedroom 12, Bedroom 16, Bedroom 8, Bedroom 11, Bedroom 4, Bathroom 5, Bedroom 1, Bathroom 6, Bathroom 2, Bedroom 7, Bedroom 3, Bedroom 14, Bathroom 9, Bathroom 1, Bathroom 10, Bedroom 10, Bedroom 13, Bedroom 5, Bedroom 6, Bathroom 4, Bathroom 8, Bedroom 15, Bathroom 11
Window features
Double Pane Windows
Interior features
Kitchen/Dining Combo, Restored
Elementary school
Woodland Elementary
Middle school
Liberty Bell
High school
Science Hill
Directions
Corner of Pactolas and Knob Creek Road in Johnson City, between Sunset and State of Franklin. Property is commercial 4748 sq ft commercial space, and 8 next door apartments.
Standard status
Pending
APN
046i E 013.00
Size
10,991 SF
Lot size
1.30 Acres
Taxes and HOA fees
Tax Annual Amount
1016
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
washer/dryer hookup
Building Details
Year built
1965
Floors in Building
2
Number of units
9
Flooring type
Carpet, Laminate
Building materials
Brick, Vinyl Siding
Listing Agency:
REMAX Checkmate, Inc. Realtors · RE/MAX International
(423) 282-0432
Listed By:
Jay Goodson · License #329807
(423) 612-3035
Added: Jan 20
Changed: Aug 2
Last Checked: Aug 16 at 9:06AM
MLS# 9990357
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.
This newly renovated 8-unit multifamily building includes washer/dryer hookups in each unit and features centrally heated and cooled interiors with carpet and laminate flooring. Constructed in 1965 with brick and vinyl siding, the units have been renovated throughout, including siding, roof, plumbing, damaged walls, new kitchens, and brand new decking. Interiors include a kitchen/dining combo and other restored finishes.
The property also includes an adjacent commercial building with a new roof and a renovated exterior. A 4748 sq ft commercial space is part of the offering, providing flexibility for an owner-operator model alongside continued apartment rentals. The apartments are being re-filled as renovations are completed.
Lot size is 1.3 acres, and subdividing of the apartments is underway to place the 8 units on approximately one acre of their own land, more or less, with a large back yard area. Public water and public sewer services are provided, and the property is zoned B1.
The property also includes an adjacent commercial building with a new roof and a renovated exterior. A 4748 sq ft commercial space is part of the offering, providing flexibility for an owner-operator model alongside continued apartment rentals. The apartments are being re-filled as renovations are completed.
Lot size is 1.3 acres, and subdividing of the apartments is underway to place the 8 units on approximately one acre of their own land, more or less, with a large back yard area. Public water and public sewer services are provided, and the property is zoned B1.
Key Highlights
- 8 units in newly renovated multifamily with washer/dryer hookups in each unit
- Adjacent commercial building with new roof and renovated exterior plus 4748 sq ft commercial space
- Zoned B1; central heating with central air and ceiling fans
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
$62,132
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
3.88%
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%
$1,242,640
$1.2M
Cap Rate 7%
$887,600
$887.6K
Cap Rate 9%
$690,356
$690.4K
Market Conditions
NOI Build-Up for 10,991 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
$121.3K $11.04/SF
− Vacancy
−$8.4K −$0.76/SF
EGI
$113.0K $10.28/SF
− OpEx
−$50.8K −$4.63/SF
NOI
$62.1K $5.65/SF
Area
Washington County, TN
Vacancy
6.90%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,242,640
Cap Rate 7%
$887,600
Cap Rate 9%
$690,356
Alternative Uses
Best Use
Apartment 5plus
$887.6K
$776.7K – $1.04M
NOI $62,132 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.64M
$4.06M – $5.41M
NOI $324,454 @ 7.0% cap · market cap 20.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly renovated 8-unit multifamily building with washer/dryer hookups, zoned B1, plus an adjacent commercial building with updated exterior.
Where is this apartment building located?
The property is located at 1412 Knob Creek Road 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: 8 units in newly renovated multifamily with washer/dryer hookups in each unit; Adjacent commercial building with new roof and renovated exterior plus 4748 sq ft commercial space; Zoned B1; central heating with central air and ceiling fans
