Two-Suite Storefront
New
For Sale
$650,000
2423 Elizabethton Highway, Johnson City, TN 37601
Commercial Sale, Johnson City, TN
Property Size2,380 SF
Lot Size2.73 Acres
Price / SF$273.11
Days on Market1
Property Features for 2423 Elizabethton Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C
Directions
From Johnson City go past the Johnson City Police Department continue straight through the red light going toward Elizabethton. Continue straight pass Sinking Creek Baptist Church. Then you will pass Dollar General property will be ahead on the left .
Subdivision
314 - Carter County
Standard status
Active
APN
047e C 013.00
Size
2,380 SF
Lot size
2.73 Acres
Taxes and HOA fees
Tax Annual Amount
650
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
three-phase electric power
dedicated storage area
two clean bathrooms
modern heat pump
sturdy metal roof
Building Details
Year built
1974
Building materials
Brick
Roof type
Metal
Listing Agency:
Mountain Heritage Realty
(423) 434-4663
Listed By:
Hazel Shipley · License #310519
(423) 676-4411
Added: Aug 27
Last Checked: Aug 27 at 7:06AM
MLS# 10000062
Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,380-square-foot brick storefront property includes two separate suites, a dedicated storage area, and two bathrooms. The building was constructed in 1974 and has a metal roof, heat-pump heating and cooling, and three-phase electric power. Public water and a septic tank serve the property, which is zoned C.
The 2.73-acre site is located at 2423 Elizabethton Highway in Johnson City, between Johnson City and Elizabethton. Its position outside city limits places it within a county tax district. The property includes on-site parking and offers direct access from the highway.
The two-suite layout can accommodate separate occupants or combined business operations, subject to applicable approvals and verification. The property is in Carter County, TN, with postal code 37601.
The 2.73-acre site is located at 2423 Elizabethton Highway in Johnson City, between Johnson City and Elizabethton. Its position outside city limits places it within a county tax district. The property includes on-site parking and offers direct access from the highway.
The two-suite layout can accommodate separate occupants or combined business operations, subject to applicable approvals and verification. The property is in Carter County, TN, with postal code 37601.
Key Highlights
- 2,380‑square‑foot commercial building on a 2.73‑acre lot
- Two functional suites with dedicated storage area
- Three‑phase electric power and heat‑pump heating and cooling
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
$37,233
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
5.73%
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%
$744,660
$744.7K
Cap Rate 7%
$531,900
$531.9K
Cap Rate 9%
$413,700
$413.7K
Market Conditions
NOI Build-Up for 2,380 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
$54.8K $23.04/SF
− Vacancy
−$1.6K −$0.69/SF
EGI
$53.2K $22.35/SF
− OpEx
−$16.0K −$6.70/SF
NOI
$37.2K $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%
$744,660
Cap Rate 7%
$531,900
Cap Rate 9%
$413,700
Alternative Uses
Best Use
Retail
$531.9K
$465.4K – $620.6K
NOI $37,233 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$878.2K – $1.17M
NOI $70,258 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,181 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial building with flexible suite configuration, dedicated storage, two bathrooms, and three-phase electric service.
Where is this storefront property located?
The property is located at 2423 Elizabethton Highway Johnson City, TN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,380‑square‑foot commercial building on a 2.73‑acre lot; Two functional suites with dedicated storage area; Three‑phase electric power and heat‑pump heating and cooling
