Restaurant Building with Commercial
For Sale
$400,000
1840 Volunteer Pkwy, Bristol, TN 37620
Flexible commercial space with outdoor seating areas, rear access, and a layout adaptable to food service or other business operations.
Property Size1,746 SF
Lot Size0.45 Acres
Price / SF$229.10
Days on Market54
Property Features for 1840 Volunteer Pkwy
General Information
Standard status
Active
Size
1,746 SF
Lot size
0.45 Acres
Restaurant
Patio
Yes
Equipment Included
No
Building Details
Buildings
1
Listing Agency:
LPT Realty - Griffin Home Group
(423) 620-8779
Listed By:
Jim Griffin · License #310406
(423) 620-8779
Source:
Exprealty
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 30 at 8:57PM
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 LPT Realty - Griffin Home Group
Investment Insights
Based on property information with market context.
This 1,746-square-foot conventional restaurant property in Bristol, Tennessee, occupies a 0.45-acre site along Volunteer Parkway. The building includes a commercial kitchen with industrial sinks, one full bathroom, and three large rooms that can be configured for dining, offices, consultations, treatment services, meetings, or retail. Updated flooring and a new heat pump are among the recent improvements.
A covered front porch and rear patio provide additional space for customer seating or outdoor service. The property also has a separate rear driveway and two-car carport for owner, employee, delivery, and parking access. The building has previously operated as a sub shop and a massage and wellness spa. Kitchen equipment is negotiable but does not convey with the sale. The Volunteer Parkway location is described as receiving thousands of vehicles each day.
A covered front porch and rear patio provide additional space for customer seating or outdoor service. The property also has a separate rear driveway and two-car carport for owner, employee, delivery, and parking access. The building has previously operated as a sub shop and a massage and wellness spa. Kitchen equipment is negotiable but does not convey with the sale. The Volunteer Parkway location is described as receiving thousands of vehicles each day.
Key Highlights
- 1,746‑square‑foot building on a 0.45‑acre lot
- Commercial kitchen with industrial sinks
- Updated floors and new heat pump
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
$18,464
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
4.62%
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%
$369,280
$369.3K
Cap Rate 7%
$263,771
$263.8K
Cap Rate 9%
$205,156
$205.2K
Market Conditions
NOI Build-Up for 1,746 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
$26.2K $15.00/SF
− Vacancy
−$1.6K −$0.90/SF
EGI
$24.6K $14.10/SF
− OpEx
−$6.2K −$3.53/SF
NOI
$18.5K $10.58/SF
Area
Sullivan County, TN
Vacancy
6.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$369,280
Cap Rate 7%
$263,771
Cap Rate 9%
$205,156
Alternative Uses
Best Use
Specialty Retail
$263.8K
$230.8K – $307.7K
NOI $18,464 @ 7.0% cap · market cap 4.62%
Second Best
Industrial
$165.2K
$144.6K – $192.7K
NOI $11,564 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$653.8K
$572.1K – $762.8K
NOI $45,769 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
1k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Safelite AutoGlass
Shops & Services
677 visits/mo
0.2 miles
Fisher Auto Parts
Shops & Services
445 visits/mo
0.1 miles
Demographics for 37620, TN
38,245
Population
18,119
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
128.2 sq mi
ZIP Area
298
Density / Sq Mi
$54,908
Median Household Income
$36,017
Median Earnings
$809
Median Rent
$175,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Flexible commercial space with outdoor seating areas, rear access, and a layout adaptable to food service or other business operations.
Where is this conventional restaurant located?
The property is located at 1840 Volunteer Pkwy Bristol, TN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,746‑square‑foot building on a 0.45‑acre lot; Commercial kitchen with industrial sinks; Updated floors and new heat pump
