Retail Building and Parcel
For Sale
$275,000
256 W Main Street, Johnson City, TN 37604
COMMERCIAL - Johnson City, TN
Property Size2,565 SF
Lot Size0.50 Acres
Price / SF$107.21
Days on Market219
Property Features for 256 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Subdivision
Not In Subdivision
Directions
From downtown Johnson City, take W Main St west. Property is located at 256 W Main Street, just minutes from ETSU. Look for signage. GPS friendly.
Standard status
Active
APN
046n K 014.00
Size
2,565 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Annual Amount
672
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1905
Building materials
Brick
Roof type
Metal
Listing Agency:
The Addington Agency Bristol
(423) 845-5800
Listed By:
Alexandria Rose · License #364186
(423) 383-4918
Added: Jan 2
Changed: Aug 4
Last Checked: Aug 9 at 9:06PM
MLS# 9989718
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.
The offering includes a small parcel package consisting of three separate properties under Washington County, TN B2 zoning. The centerpiece is a commercial building measuring 2,500+ square feet that has been operating as a paint lacquer and supply company since 1962. A residential fixer-upper is also included, along with a vacant lot of approximately 0.50 acres.
The properties are located at 256 W Main Street in Johnson City, and the package is positioned just minutes from downtown Johnson City and ETSU, supporting a range of potential commercial and mixed-use arrangements. Buyer and buyer’s agent should verify all information.
For buyers seeking flexible ownership, this combination can support continued commercial use of the long-standing retail building while also incorporating renovation or redevelopment options for the residential property. The included vacant lot may provide room for parking or future expansion, depending on how the parcels are configured and used. If you’re evaluating a multi-parcel acquisition, this package provides multiple asset types—established retail space, a residential property requiring work, and undeveloped land—within a single purchase decision.
The properties are located at 256 W Main Street in Johnson City, and the package is positioned just minutes from downtown Johnson City and ETSU, supporting a range of potential commercial and mixed-use arrangements. Buyer and buyer’s agent should verify all information.
For buyers seeking flexible ownership, this combination can support continued commercial use of the long-standing retail building while also incorporating renovation or redevelopment options for the residential property. The included vacant lot may provide room for parking or future expansion, depending on how the parcels are configured and used. If you’re evaluating a multi-parcel acquisition, this package provides multiple asset types—established retail space, a residential property requiring work, and undeveloped land—within a single purchase decision.
Key Highlights
- Three properties under $300K: a commercial building, residential fixer‑upper, and vacant lot – a single investment package.
- Prime location near downtown Johnson City and ETSU.
- 2,500+ sq ft commercial building with excellent visibility and access**, previously a successful business since 1962.
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
$14,500
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
5.27%
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%
$290,000
$290.0K
Cap Rate 7%
$207,143
$207.1K
Cap Rate 9%
$161,111
$161.1K
Market Conditions
NOI Build-Up for 2,565 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
$28.3K $11.04/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$26.4K $10.28/SF
− OpEx
−$11.9K −$4.63/SF
NOI
$14.5K $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 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%
$290,000
Cap Rate 7%
$207,143
Cap Rate 9%
$161,111
Alternative Uses
Best Use
Retail
$573.2K
$501.6K – $668.8K
NOI $40,127 @ 7.0% cap · market cap 14.59%
Second Best
Apartment 5plus
$207.1K
$181.3K – $241.7K
NOI $14,500 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$1.08M
$946.5K – $1.26M
NOI $75,719 @ 7.0% cap · market cap 27.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
22k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 41%
Electronics 7%
Renasant Bank
Shops & Services
10,280 visits/mo
0.5 miles
Wild Wing Cafe
Dining
8,911 visits/mo
0.4 miles
Metro by T-Mobile
Electronics
1,554 visits/mo
0.3 miles
Napa Auto Parts
Shops & Services
1,157 visits/mo
0.1 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Anna Marie's Florist — 905 W Watauga Ave, Johnson City, TN 37604
Frequently Asked Questions
What type of property is this?
Storefront property - Three-property package in B2 zoning, anchored by a longtime commercial building plus a residential fixer-upper and vacant lot.
Where is this storefront property located?
The property is located at 256 W Main Street Johnson City, TN.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three properties under $300K: a commercial building, residential fixer‑upper, and vacant lot – a single investment package.; Prime location near downtown Johnson City and ETSU.; 2,500+ sq ft commercial building with excellent visibility and access**, previously a successful business since 1962.
