Mixed-Use Building on Main
311 South Main Street Lake City, TN 37769
For Sale
$375,000
Fully renovated mixed-use building with main-level commercial space and two upstairs 1-bedroom apartments, plus rear off-street parking.
Property Size2,848 SF
Price / SF$131.67
Days on Market382
Property Features for 311 South Main Street
General Information
- Standard status
- Active
- Size
- 2,848 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1925
Listing Agency:
United Real Estate Solutions
(865) 444-2400
Listed By:
Hallie Payne
Source:
Compass
Added: Jul 7, 2025
Changed: Jul 23
Last Checked: Jul 23 at 1:59PM
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 United Real Estate Solutions
Investment Insights
Based on property information with market context.
This fully renovated mixed-use building includes main-level commercial space and two upstairs 1-bedroom apartments. The building was completely remodeled in 2008, with updates noted for wiring, plumbing, HVAC, windows, and interior finishes throughout. Off-street parking is available in the rear, supporting convenient access for both tenants and customers.
The property is located on South Main Street in Downtown Rocky Top, TN, described as having highly visible frontage for storefront and professional uses.
With commercial zoning in place, the main level is suited for retail, office, or professional use, while the upstairs units provide separate residential rental or owner-occupancy options within the same building.
The property is located on South Main Street in Downtown Rocky Top, TN, described as having highly visible frontage for storefront and professional uses.
With commercial zoning in place, the main level is suited for retail, office, or professional use, while the upstairs units provide separate residential rental or owner-occupancy options within the same building.
Key Highlights
- Fully renovated mixed‑use building (remodeled in 2008) with updated wiring, plumbing, HVAC, windows, and finishes
- Main level offers 1,700 SF of commercial space for retail, office, or professional use
- Two upstairs 1‑bedroom apartments totaling 1,400 SF for rental income or owner‑occupancy
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.7k | $19.20 |
| − Vacancy | −$4.9k | −$1.73 |
| EGI | $49.8k | $17.47 |
| − OpEx | −$18.7k | −$6.55 |
| NOI | $31.1k | $10.92 |
2,848 SF · lease $19.20/SF/yr · vacancy 9.00% · expense 37.50%
Alternative Uses
Best Use
Retail
$584.4K
$511.4K – $681.8K
NOI $40,909 @ 7.0% cap · market cap 10.91%
Second Best
Office B
$538.3K
$471.0K – $628.0K
NOI $37,679 @ 7.0% cap · market cap 10.05%
Theoretical Best
Office A
$705.4K
$617.2K – $823.0K
NOI $49,377 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Live-work space
FAQs
What type of property is this?
Live-work space - Fully renovated mixed-use building with main-level commercial space and two upstairs 1-bedroom apartments, plus rear off-street parking.
Where is this live-work space located?
The property is located at 311 South Main Street Lake City, TN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Fully renovated mixed‑use building (remodeled in 2008) with updated wiring, plumbing, HVAC, windows, and finishes; Main level offers 1,700 SF of commercial space for retail, office, or professional use; Two upstairs 1‑bedroom apartments totaling 1,400 SF for rental income or owner‑occupancy
