28-Unit Apartment
For Sale
$2,650,000
1547 Milligan Hwy, Johnson City, TN 37601
Recent paving, deck work, unit updates, and exterior improvements enhance this multifamily property.
Property Size20,297 SF
Days on Market97
Property Features for 1547 Milligan Hwy
General Information
Standard status
Active
Size
20,297 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.34%
Multifamily Units
28
Amenities
28-unit asset with a diverse mix of one-bed and two-bed floor plans ranging from 450 to 966 square feet
Rents range from $725 to $1,100 creating natural rent segmentation and upside potential
In the past 36-months current ownership has spent $99,114 in capital expenditures. Recent capital expenditures consist of repaving, renovating decks, renovating units, and new signage
Building Details
Building Size
20,297 SF
Units
28
Listing Agency:
Nashville Office
(615) 997-2853
Listed By:
Patrick Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: May 28
Changed: Aug 30
Last Checked: Aug 31 at 12:37PM
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 Nashville Office
Investment Insights
Based on property information with market context.
Milligan View Apartments is a 28-unit apartment property at 1547 Milligan Hwy in Johnson City, Tennessee. Recent capital work has addressed paving, decks, select unit interiors, and exterior elements, helping reduce immediate improvement requirements. The unit mix includes apartments with central HVAC and washer and dryer hookups, while other units may offer opportunities for continued interior upgrades.
The property is positioned on Milligan Hwy within Johnson City and is offered for sale. Existing improvements include paved areas, renovated decks, updated units, and exterior work completed in recent years. Utility arrangements include owner-paid services, creating a defined operational feature of the asset.
The property is positioned on Milligan Hwy within Johnson City and is offered for sale. Existing improvements include paved areas, renovated decks, updated units, and exterior work completed in recent years. Utility arrangements include owner-paid services, creating a defined operational feature of the asset.
Key Highlights
- 28‑unit apartment property at 1547 Milligan Hwy in Johnson City, TN 37601
- Recent capital improvements include paving, deck renovations, unit updates, and exterior upgrades
- A portion of the units includes central HVAC
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
$114,740
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
4.33%
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%
$2,294,800
$2.3M
Cap Rate 7%
$1,639,143
$1.6M
Cap Rate 9%
$1,274,889
$1.3M
Market Conditions
NOI Build-Up for 20,297 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
$224.1K $11.04/SF
− Vacancy
−$15.5K −$0.76/SF
EGI
$208.6K $10.28/SF
− OpEx
−$93.9K −$4.63/SF
NOI
$114.7K $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%
$2,294,800
Cap Rate 7%
$1,639,143
Cap Rate 9%
$1,274,889
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.43M – $1.91M
NOI $114,740 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.56M
$7.49M – $9.99M
NOI $599,167 @ 7.0% cap · market cap 22.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28
Residential units
Location Intelligence
Trade Area within ½ mile
96
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
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 - Recent paving, deck work, unit updates, and exterior improvements enhance this multifamily property.
Where is this apartment building located?
The property is located at 1547 Milligan Hwy Johnson City, TN.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 28‑unit apartment property at 1547 Milligan Hwy in Johnson City, TN 37601; Recent capital improvements include paving, deck renovations, unit updates, and exterior upgrades; A portion of the units includes central HVAC
