Updated Duplex with Level
For Sale
$299,900
2426 Old Lewis Road, Johnson City, TN 37601
Multi Family, Johnson City, TN
Property Size1,524 SF
Lot Size0.40 Acres
Price / SF$196.78
Days on Market109
Property Features for 2426 Old Lewis Road
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
RS
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Dining Room, Bedroom 1
Parking features
Driveway
Window features
Insulated Windows
Patio and Porch features
Porch, Deck
Interior features
Eat-in Kitchen, Kitchen Island, Kitchen/Dining Combo, Laminate Counters, Remodeled
Appliances
Dishwasher, Microwave, Range, Refrigerator
Subdivision
Not In Subdivision
Elementary school
Mountain View
Middle school
Indian Trail
High school
Science Hill
Directions
From i-26, take exit 24 onto University Pkwy, .3 miles take right on Milligan Hwy, drive 1.2 miles and take right onto Old Lewis Rd. Drive 0.7 miles and property on right!
Standard status
Active
APN
063b C 00200 000
Size
1,524 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Annual Amount
864
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Building Details
Year built
1921
Floors in Building
1
Number of units
9
Flooring type
Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Composition, Shingle
Architectural style
Ranch
Listing Agency:
A Team Real Estate Professionals
(423) 726-2260
Listed By:
David Reed · License #296229
(865) 223-2295
Added: Jun 16
Changed: Sep 18
Last Checked: Oct 2 at 4:06AM
MLS# 9996912
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 ranch-style duplex contains 1,524 square feet across two separately configured residences on a 0.4-acre parcel. The larger unit has two bedrooms, one full bathroom, an open living and kitchen arrangement, new appliances, updated flooring, and a new deck. The second residence includes one bedroom, one full bathroom, and an open living and kitchen area. Both units provide outdoor sitting areas and share a level yard with a gravel circle driveway. Interior features include eat-in kitchens, a kitchen island, laminate counters, and remodeled finishes. Public sewer, vinyl siding, shingle and composition roofing, heat-pump heating and cooling, and central air are also included.
The property is in Johnson City near Milligan College, ETSU, I-26, Elizabethton, and Erwin. RS zoning applies, and the home was built in 1921.
The property is in Johnson City near Milligan College, ETSU, I-26, Elizabethton, and Erwin. RS zoning applies, and the home was built in 1921.
Key Highlights
- Two‑unit duplex with 1,524 square feet of property size
- Unit 1 has 2 bedrooms, 1 full bath, new appliances, updated flooring, and a new deck
- Unit 2 includes 1 bedroom and 1 full bath with an open living and kitchen area
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
$9,690
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
3.23%
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%
$193,800
$193.8K
Cap Rate 7%
$138,429
$138.4K
Cap Rate 9%
$107,667
$107.7K
Market Conditions
NOI Build-Up for 1,524 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
$14.8K $9.72/SF
− Vacancy
−$970 −$0.64/SF
EGI
$13.8K $9.08/SF
− OpEx
−$4.2K −$2.73/SF
NOI
$9.7K $6.36/SF
Area
Washington County, TN
Vacancy
6.55%
Lease Rate
$9.72 /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%
$193,800
Cap Rate 7%
$138,429
Cap Rate 9%
$107,667
Alternative Uses
Best Use
Multifamily LT 5
$138.4K
$121.1K – $161.5K
NOI $9,690 @ 7.0% cap · market cap 3.23%
Second Best
Apartment 5plus
$123.1K
$107.7K – $143.6K
NOI $8,615 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$642.7K
$562.4K – $749.8K
NOI $44,988 @ 7.0% cap · market cap 15.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
73
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer remodeled interiors, open living areas, outdoor seating, and driveway parking.
Where is this duplex located?
The property is located at 2426 Old Lewis Road Johnson City, TN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,524 square feet of property size; Unit 1 has 2 bedrooms, 1 full bath, new appliances, updated flooring, and a new deck; Unit 2 includes 1 bedroom and 1 full bath with an open living and kitchen area
