Johnson City Flex Space/Cold
For Sale
$1,595,000
4521 Bristol Hwy, Johnson City, TN 37601
15,313 SF flex space with cold storage and office.
Property Size15,313 SF
Price / SF$104.16
Days on Market156
Property Features for 4521 Bristol Hwy
General Information
Standard status
Active
Size
15,313 SF
Property subtype
Industrial
Building Details
Building Size
15,313 SF
Year Built
1984
Listing Agency:
Lee & Associates
(865) 776-5662
Listed By:
Taylor Durand · License #369177
(865) 776-5662
Source:
Svnwood
Added: Mar 6
Changed: Aug 8
Last Checked: Apr 6 at 12:48AM
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 Lee & Associates
Investment Insights
Based on property information with market context.
This property, situated in the Tri Cities, TN MSA, offers 15,313 square feet of flex space and cold storage in a highly visible location. The property includes 4,200 square feet of cold storage within the warehouse, along with a 4,000-square-foot office and a 7,113-square-foot warehouse. The warehouse features excellent access and clear heights ranging from 14 to 24 feet. Located in a prime retail corridor, the property benefits from a daily traffic count exceeding 25,000 cars per day. The property has one dock door and three drive-in doors. This Johnson City location provides access to key transportation routes and a skilled labor force. Nearby commercial and retail centers offer amenities for employees and residents. The current owner is open to a 5-year leaseback.
Key Highlights
- Highly visible location in a prime retail corridor with 25,000+ daily traffic count.
- Includes 4,200 SF of cold storage space.
- Offers a 5‑year leaseback option.
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
$112,275
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
7.04%
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%
$2,245,500
$2.2M
Cap Rate 7%
$1,603,929
$1.6M
Cap Rate 9%
$1,247,500
$1.2M
Market Conditions
NOI Build-Up for 15,313 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
$183.8K $12.00/SF
− Vacancy
−$11.0K −$0.72/SF
EGI
$172.7K $11.28/SF
− OpEx
−$60.5K −$3.95/SF
NOI
$112.3K $7.33/SF
Area
Washington County, TN
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,245,500
Cap Rate 7%
$1,603,929
Cap Rate 9%
$1,247,500
Alternative Uses
Best Use
Flex RnD
$1.60M
$1.40M – $1.87M
NOI $112,275 @ 7.0% cap · market cap 7.04%
Second Best
Warehouse
$1.48M
$1.30M – $1.73M
NOI $103,868 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$6.46M
$5.65M – $7.53M
NOI $452,040 @ 7.0% cap · market cap 28.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Under-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
Market
Vacancy Rate% for Industrial 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?
Flex space - 15,313 SF flex space with cold storage and office.
Where is this flex space located?
The property is located at 4521 Bristol Hwy Johnson City, TN.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Highly visible location in a prime retail corridor with 25,000+ daily traffic count.; Includes **4,200 SF of cold storage space.**; Offers a 5‑year leaseback option.
