Two-Level Retail
For Sale
$1,495,000
2111 West Mountcastle Dr, Johnson City, TN 37604
High-end retail space with a walk-in vault, offices, bathrooms, and a second level with an added elevator shaft.
Property Size4,350 SF
Price / SF$343.68
Days on Market40
Property Features for 2111 West Mountcastle Dr
General Information
Standard status
Active
Size
4,350 SF
Additional Details
Business Included
No
Amenities
Walk in Vault
Kitchen area
offices
bathrooms
Building Details
Year Built
1986
Stories
2
Listing Agency:
Berkshire Hathaway Greg Cox Real Estate
Listed By:
Gregory Cox · License #308589
(423) 791-3331
Source:
Thecolinandcarlygroup
Added: Jul 27
Changed: Sep 4
Last Checked: Sep 2 at 2:14AM
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 Berkshire Hathaway Greg Cox Real Estate
Investment Insights
Based on property information with market context.
This high-end retail storefront features a top-of-the-line build out designed for retail use. Interior improvements include a walk-in vault, kitchen area, offices, and bathrooms, with space configured for ready occupancy.
The property is described as being in a high visibility, high traffic area. It also includes a second level with an additional 4,350 square feet for a further phase and includes a new elevator shaft to support expansion.
For sale as a turnkey retail option, the layout supports specialty retail requirements and offers dedicated back-of-house space along with finished offices and restrooms.
The property is described as being in a high visibility, high traffic area. It also includes a second level with an additional 4,350 square feet for a further phase and includes a new elevator shaft to support expansion.
For sale as a turnkey retail option, the layout supports specialty retail requirements and offers dedicated back-of-house space along with finished offices and restrooms.
Key Highlights
- High‑end retail space with a walk‑in vault
- Includes offices, bathrooms, and a kitchen area
- Second level includes an additional 4,350 SF for another phase
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
$68,052
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
4.55%
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%
$1,361,040
$1.4M
Cap Rate 7%
$972,171
$972.2K
Cap Rate 9%
$756,133
$756.1K
Market Conditions
NOI Build-Up for 4,350 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
$100.2K $23.04/SF
− Vacancy
−$3.0K −$0.69/SF
EGI
$97.2K $22.35/SF
− OpEx
−$29.2K −$6.70/SF
NOI
$68.1K $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 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%
$1,361,040
Cap Rate 7%
$972,171
Cap Rate 9%
$756,133
Alternative Uses
Best Use
Retail
$972.2K
$850.7K – $1.13M
NOI $68,052 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.83M
$1.61M – $2.14M
NOI $128,412 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
917k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Apparel 25%
Shops & Services 16%
Superstores 12%
Target
Superstores
109,105 visits/mo
0.3 miles
DICK'S Sporting Goods
Apparel
70,504 visits/mo
0.1 miles
T.J. Maxx
Apparel
54,967 visits/mo
0.2 miles
JCPenney
Apparel
45,038 visits/mo
0.3 miles
Gabe's
Shops & Services
43,664 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - High-end retail space with a walk-in vault, offices, bathrooms, and a second level with an added elevator shaft.
Where is this storefront property located?
The property is located at 2111 West Mountcastle Dr Johnson City, TN.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: High‑end retail space with a walk‑in vault; Includes offices, bathrooms, and a kitchen area; Second level includes an additional 4,350 SF for another phase
