Four-Unit Multifamily
For Sale
Contact for pricing
510 LAMONT ST, Johnson City, TN 37604
Four-unit multifamily building offered for sale with a total size of 2,688 square feet.
Property Size2,688 SF
Price / SF$148.81
Days on Market130
Property Features for 510 LAMONT ST
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Multifamily
Zoning
R4
Additional Details
Multifamily Units
4
Building Details
Year Built
1923
Stories
2
Units
4
Listing Agency:
Lefemine Commercial Properties
Listed By:
David Lefemine · License #TN 214589
(423) 913-3070
Source:
Crexi
Added: Apr 30
Changed: Aug 21
Last Checked: Sep 1 at 9:39AM
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 Lefemine Commercial Properties
Investment Insights
Based on property information with market context.
This four-unit multifamily property is offered for sale and features four separate units within a single building. The total building size is 2,688 square feet.
The property is located at 510 Lamont St in Johnson City, Tennessee.
The offering is structured as a residential income asset with four units.
The property is located at 510 Lamont St in Johnson City, Tennessee.
The offering is structured as a residential income asset with four units.
Key Highlights
- Four‑unit multifamily building
- Total building size: 2,688 SF
- Built in 1923
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
$17,091
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
4.27%
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%
$341,820
$341.8K
Cap Rate 7%
$244,157
$244.2K
Cap Rate 9%
$189,900
$189.9K
Market Conditions
NOI Build-Up for 2,688 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
$26.1K $9.72/SF
− Vacancy
−$1.7K −$0.64/SF
EGI
$24.4K $9.08/SF
− OpEx
−$7.3K −$2.73/SF
NOI
$17.1K $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%
$341,820
Cap Rate 7%
$244,157
Cap Rate 9%
$189,900
Alternative Uses
Best Use
Multifamily LT 5
$244.2K
$213.6K – $284.9K
NOI $17,091 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$217.1K
$189.9K – $253.3K
NOI $15,195 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$1.13M
$991.9K – $1.32M
NOI $79,350 @ 7.0% cap · market cap 19.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily building offered for sale with a total size of 2,688 square feet.
Where is this quadplex located?
The property is located at 510 LAMONT ST Johnson City, TN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Four‑unit multifamily building; Total building size: 2,688 SF; Built in 1923
