Brick Apartment Building with Additional
For Sale
$849,000
5129 Bluff City Highway, Bluff City, TN 37618
Multi Family, Bluff City, TN
Property Size8,000 SF
Lot Size0.57 Acres
Price / SF$106.13
Days on Market10
Property Features for 5129 Bluff City Highway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
commercial
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 9, Bedroom 10, Bathroom 5, Bathroom 3, Bathroom 4, Bedroom 6, Bathroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Bedroom 2, Bedroom 11, Bathroom 2
Parking features
Driveway
Window features
Double Pane Windows
Interior features
Laminate Counters
Appliances
Electric Range, Refrigerator
Elementary school
Mary Hughes
Middle school
East Middle
High school
Sullivan East
Directions
From Johnson City through Piney flats, turn onto Bluff city highway before the flea market, property is on the right.
Standard status
Active
APN
111 03110 000
Size
8,000 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Annual Amount
3094
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
washer/dryer hookups
office trailer
storage building
garage
Building Details
Year built
1980
Floors in Building
2
Number of units
5
Flooring type
Carpet, Laminate
Building materials
Brick, Vinyl Siding
Roof type
Asphalt, Shingle
Architectural style
Colonial
Listing Agency:
Momentum Group · RE/MAX International
(423) 723-8610
Listed By:
Tony Vaughn · License #332070
(423) 646-3316
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 22 at 5:06PM
MLS# 9999467
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.
This 8,000-square-foot apartment property contains five units: one three-bedroom, two-bath residence and four two-bedroom, one-bath residences. Built in 1980, the building features brick construction, laminate and carpet flooring, electric heat-pump systems, public water and public sewer. Every apartment includes washer/dryer hookups, while tenants pay their own utilities. Existing leases transition to month-to-month tenancy after October.
The offering also includes an additional lot with an office trailer, storage building, and garage. The property is zoned commercial and includes driveway parking, cable availability, a shingle and asphalt roof, and a Colonial architectural style. Its address on Bluff City Highway places it between Bristol and Johnson City, with access to major roads, employment centers, shopping, dining, medical facilities, and other Tri-Cities amenities.
The offering also includes an additional lot with an office trailer, storage building, and garage. The property is zoned commercial and includes driveway parking, cable availability, a shingle and asphalt roof, and a Colonial architectural style. Its address on Bluff City Highway places it between Bristol and Johnson City, with access to major roads, employment centers, shopping, dining, medical facilities, and other Tri-Cities amenities.
Key Highlights
- Five total apartments: one 3‑bedroom/2‑bath unit and four 2‑bedroom/1‑bath units
- 8,000 square feet of apartment space in a 1980‑built brick building
- Washer/dryer hookups in all units; tenants pay their own utilities
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
$55,884
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
6.58%
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%
$1,117,680
$1.1M
Cap Rate 7%
$798,343
$798.3K
Cap Rate 9%
$620,933
$620.9K
Market Conditions
NOI Build-Up for 8,000 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
$107.5K $13.44/SF
− Vacancy
−$5.9K −$0.74/SF
EGI
$101.6K $12.70/SF
− OpEx
−$45.7K −$5.72/SF
NOI
$55.9K $6.99/SF
Area
Sullivan County, TN
Vacancy
5.50%
Lease Rate
$13.44 /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%
$1,117,680
Cap Rate 7%
$798,343
Cap Rate 9%
$620,933
Alternative Uses
Best Use
Apartment 5plus
$798.3K
$698.6K – $931.4K
NOI $55,884 @ 7.0% cap · market cap 6.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.00M
$2.62M – $3.50M
NOI $209,710 @ 7.0% cap · market cap 24.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 37618, TN
12,729
Population
6,250
Households
2
Avg Household Size
47
Median Age
17%
College-Educated
88%
High-School Grad
69.3 sq mi
ZIP Area
184
Density / Sq Mi
$58,413
Median Household Income
$37,003
Median Earnings
$880
Median Rent
$174,000
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?
Apartment building - Five-unit multifamily property with brick construction, in-unit laundry hookups, and supporting office, storage, and garage improvements.
Where is this apartment building located?
The property is located at 5129 Bluff City Highway Bluff City, TN.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Five total apartments: one 3‑bedroom/2‑bath unit and four 2‑bedroom/1‑bath units; 8,000 square feet of apartment space in a 1980‑built brick building; Washer/dryer hookups in all units; tenants pay their own utilities
