Industrial Warehouse with
For Sale
Contact for pricing
Pending
309 Wesley Street, Johnson City, TN 37601
Brick warehouse with heated storage, office space, and roll-up door access on an I-1 zoned parcel.
Property Size2,400 SF
Lot Size3.40 Acres
Days on Market109
Property Features for 309 Wesley Street
General Information
Standard status
Pending
Size
2,400 SF
Total Parking Spaces
13
Lot size
3.40 Acres
Property subtype
Special Purpose
Zoning
I-1
Warehouse & Industrial
Clear Height
12 ft
Drive-In Doors
1
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
1990
Listing Agency:
CENTURY 21 Legacy Realty Johnson City
Listed By:
Shana Wilcox · License #282495
Source:
Crexi
Added: May 27
Changed: Aug 8
Last Checked: Sep 12 at 3:59AM
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 CENTURY 21 Legacy Realty Johnson City
Investment Insights
Based on property information with market context.
This sale offering includes an approximately 2,400 SF brick warehouse building with a functional split between a 176 SF office area and 2,224 heated SF of warehouse/garage space. The building includes insulated walls and ceilings and 12-foot ceilings, supported by 3-phase 120/208 electrical service, gas heat, and security wiring. Operational access features include an 8-foot roll-up door plus front and side walk-out doors.
The property sits on approximately 3.4 acres within an established industrial park setting. It is described as being minutes from I-26 and directly across the street from Coca-Cola, with paved parking available for 13 vehicles for employees, customers, or company use.
With I-1 zoning and a yard-sized parcel, the site is positioned to support a range of industrial and storage-oriented business needs, including owner-user uses that require both heated warehouse space and a small office component. The combination of interior improvements and direct vehicle access can support light service, distribution support, or other warehousing activities, while the outdoor area supports practical uses such as fleet parking and outdoor storage, subject to buyer and tenant confirmation.
The property sits on approximately 3.4 acres within an established industrial park setting. It is described as being minutes from I-26 and directly across the street from Coca-Cola, with paved parking available for 13 vehicles for employees, customers, or company use.
With I-1 zoning and a yard-sized parcel, the site is positioned to support a range of industrial and storage-oriented business needs, including owner-user uses that require both heated warehouse space and a small office component. The combination of interior improvements and direct vehicle access can support light service, distribution support, or other warehousing activities, while the outdoor area supports practical uses such as fleet parking and outdoor storage, subject to buyer and tenant confirmation.
Key Highlights
- Approx. 3.4‑acre I‑1 zoned parcel in an established industrial park setting, located minutes from I‑26 and directly across from Coca‑Cola
- Approx. 2,400 SF brick building (built 1990) with 176 SF office and 2,224 SF heated warehouse/garage space
- Warehouse features an 8‑foot roll‑up door plus front and side walk‑out doors
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
$35,424
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
8.88%
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%
$708,480
$708.5K
Cap Rate 7%
$506,057
$506.1K
Cap Rate 9%
$393,600
$393.6K
Market Conditions
NOI Build-Up for 2,400 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
$57.6K $24.00/SF
− Vacancy
−$10.4K −$4.32/SF
EGI
$47.2K $19.68/SF
− OpEx
−$11.8K −$4.92/SF
NOI
$35.4K $14.76/SF
Area
Washington County, TN
Vacancy
18.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$708,480
Cap Rate 7%
$506,057
Cap Rate 9%
$393,600
Alternative Uses
Best Use
Office B
$506.1K
$442.8K – $590.4K
NOI $35,424 @ 7.0% cap · market cap 8.88%
Second Best
Warehouse
$232.6K
$203.5K – $271.3K
NOI $16,279 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.01M
$885.6K – $1.18M
NOI $70,848 @ 7.0% cap · market cap 17.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Well-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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Warehouse - Brick warehouse with heated storage, office space, and roll-up door access on an I-1 zoned parcel.
Where is this warehouse located?
The property is located at 309 Wesley Street Johnson City, TN.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Approx. 3.4‑acre I‑1 zoned parcel in an established industrial park setting, located minutes from I‑26 and directly across from Coca‑Cola; Approx. 2,400 SF brick building (built 1990) with 176 SF office and 2,224 SF heated warehouse/garage space; Warehouse features an 8‑foot roll‑up door plus front and side walk‑out doors
