16-Unit Apartment
For Sale
$1,590,000
204 East Watauga Avenue, Johnson City, TN 37601
Three buildings provide a mix of one- and three-bedroom layouts, with shared laundry in one building.
Property Size8,942 SF
Price / SF$177.81
Days on Market10
Property Features for 204 East Watauga Avenue
General Information
Standard status
Active
Size
8,942 SF
Zoning
RO 1
Occupancy
100%
Units
Unit Mix
15 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
16
Individually Metered Utilities
electricity
Additional Details
Tenant in Place
Yes
Amenities
laundry room
true
Public
9
55x115 / 110 X 115 IRR / 55 x 104 IRR
Satellite Dish,Dishwasher,Dryer,Range,Refrigerator,Smoke Detector(s),Washer
City Street
8942
Building Details
Building Size
8,942 SF
Year Built
1920
Buildings
3
Listing Agency:
Greater Impact Realty LLC
(423) 973-8634
Listed By:
Mallary Kelley · License #364473
(919) 332-8845
Source:
Greaterimpactrealty
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 4:14PM
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 Greater Impact Realty LLC
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Investment Insights
Based on property information with market context.
This 8,942-square-foot apartment property comprises three buildings and 16 units in Johnson City. The unit mix includes fifteen one-bedroom, one-bath apartments and one three-bedroom, one-bath apartment. The property was built in 1920 and is zoned RO 1.
Improvements include remodeled apartments with updated bathrooms, appliances, cabinetry, countertops, flooring, paint, and PTAC units where needed; other units have received refresh work and plumbing updates. A ground-level laundry room serves residents of one building, and its washer and dryer are leased. Electrical metering and utility arrangements vary among the buildings. The property is professionally managed by a local company.
The property is located less than 3 miles from ETSU and less than 5 miles from Milligan University.
Improvements include remodeled apartments with updated bathrooms, appliances, cabinetry, countertops, flooring, paint, and PTAC units where needed; other units have received refresh work and plumbing updates. A ground-level laundry room serves residents of one building, and its washer and dryer are leased. Electrical metering and utility arrangements vary among the buildings. The property is professionally managed by a local company.
The property is located less than 3 miles from ETSU and less than 5 miles from Milligan University.
Key Highlights
- 16 apartments across 3 separate buildings
- 8,942 square feet; built in 1920
- Unit mix: fifteen 1‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,549
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,010,980
$1.0M
Cap Rate 7%
$722,129
$722.1K
Cap Rate 9%
$561,656
$561.7K
Market Conditions
NOI Build-Up for 8,942 SF
Gross rent
$98.7K $11.04/SF
− Vacancy
−$6.8K −$0.76/SF
EGI
$91.9K $10.28/SF
− OpEx
−$41.4K −$4.63/SF
NOI
$50.5K $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 Rate 5%
$1,010,980
Cap Rate 7%
$722,129
Cap Rate 9%
$561,656
Alternative Uses
Best Use
Apartment 5plus
$722.1K
$631.9K – $842.5K
NOI $50,549 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.77M
$3.30M – $4.40M
NOI $263,968 @ 7.0% cap · market cap 16.60%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,511
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Three buildings provide a mix of one- and three-bedroom layouts, with shared laundry in one building.
Where is this apartment building located?
The property is located at 204 East Watauga Avenue Johnson City, TN.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: 16 apartments across 3 separate buildings; 8,942 square feet; built in 1920; Unit mix: fifteen 1‑bedroom/1‑bath units and one 3‑bedroom/1‑bath unit
