Warehouse with Security
For Sale
$3,150,000
2200 E Fairview Ave, Johnson City, TN 37601
Heated warehouse space includes conditioned offices, controlled entry, and security monitoring.
Property Size23,300 SF
Price / SF$135.19
Days on Market116
Property Features for 2200 E Fairview Ave
General Information
Standard status
Active
Size
23,300 SF
Property subtype
Vacant-User
Warehouse & Industrial
Clear Height
24 ft
Warehouse Space
23,300 SF
Conditioned Warehouse
No
Additional Details
Highway Access
Yes
Amenities
gated access
Maxsys security system
motion sensored lights
Fully fenced and gated lot.
High ceilings for stacking and crane access.
Minutes to I-26.
Building Details
Building Size
23,300 SF
Year Built
2004
Buildings
1
Listing Agency:
Marcus & Millichap - Knoxville
(865) 299-6281
Listed By:
Ryan Ketron · License #License(s): TN: 367662
(865) 299-6281
Source:
Marcusmillichap
Added: May 8
Changed: Aug 30
Last Checked: May 14 at 5:04AM
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 Marcus & Millichap - Knoxville
Investment Insights
Based on property information with market context.
This 23,300-square-foot warehouse is configured for industrial operations, with clear heights ranging from 20 to 24 feet and total ceiling height reaching 27 feet. Warehouse areas are heated, while office areas feature heating and cooling. Gated entry, a Maxsys security system, and motion-sensor lighting provide documented security and access features throughout the building.
The original structure dates to 2004, with a second phase added in 2014. Interstate I-26 is minutes away, supporting regional connectivity. The property is identified with I-1 zoning.
The original structure dates to 2004, with a second phase added in 2014. Interstate I-26 is minutes away, supporting regional connectivity. The property is identified with I-1 zoning.
Key Highlights
- 23,300‑square‑foot warehouse with 20–24‑foot clear heights
- Total ceiling height reaches 27 feet
- Original building completed in 2004; second phase added in 2014
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
$158,044
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
5.02%
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%
$3,160,880
$3.2M
Cap Rate 7%
$2,257,771
$2.3M
Cap Rate 9%
$1,756,044
$1.8M
Market Conditions
NOI Build-Up for 23,300 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
$195.7K $8.40/SF
− Vacancy
−$9.8K −$0.42/SF
EGI
$185.9K $7.98/SF
− OpEx
−$27.9K −$1.20/SF
NOI
$158.0K $6.78/SF
Area
Washington County, TN
Vacancy
5.00%
Lease Rate
$8.40 /SF/Yr
Expense Ratio
15.00%
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%
$3,160,880
Cap Rate 7%
$2,257,771
Cap Rate 9%
$1,756,044
Alternative Uses
Best Use
Warehouse
$2.26M
$1.98M – $2.63M
NOI $158,044 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.83M
$8.60M – $11.46M
NOI $687,816 @ 7.0% cap · market cap 21.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Heated warehouse space includes conditioned offices, controlled entry, and security monitoring.
Where is this warehouse located?
The property is located at 2200 E Fairview Ave Johnson City, TN.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: 23,300‑square‑foot warehouse with 20–24‑foot clear heights; Total ceiling height reaches 27 feet; Original building completed in 2004; second phase added in 2014
