Office Building with Metal
For Sale
$375,000
534 528 Market St, Johnson City, TN 37604
Office building with four offices, kitchen, one restroom, and a newer metal roof, plus ample parking.
Property Size996 SF
Price / SF$376.51
Days on Market314
Property Features for 534 528 Market St
General Information
Standard status
Active
Size
996 SF
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
4
Amenities
Central Air
3
Refrigerator
Metal
83.44X124.98IRR AND 50X15
Building Details
Year Built
1925
Listing Agency:
REMAX Checkmate, Inc. Realtors
(423) 213-9611
Listed By:
Linda Whitehead · License #220748
(423) 213-9611
Source:
Xome
Added: Oct 7, 2025
Changed: Aug 12
Last Checked: Aug 15 at 3:39AM
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 REMAX Checkmate, Inc. Realtors
Investment Insights
Based on property information with market context.
This office building was previously used as office space and includes four offices and a kitchen. A small enclosed porch offers additional enclosed storage. The property has one restroom. Plumbing was updated a few years ago, including a newer water heater, and the building has a new metal roof.
The site recently operated as a car sales lot and includes plenty of parking. The property also has strong visibility from the main highway/intersection. A sign is noted as not conveying.
The offering includes two parcels: 046O L 020.00 and 046O L 022.00 (R# 1920). The property is located at 534 & 528 West Market Street in Johnson City, TN 37604.
The site recently operated as a car sales lot and includes plenty of parking. The property also has strong visibility from the main highway/intersection. A sign is noted as not conveying.
The offering includes two parcels: 046O L 020.00 and 046O L 022.00 (R# 1920). The property is located at 534 & 528 West Market Street in Johnson City, TN 37604.
Key Highlights
- Approx. 1,000+/- SF office building with 4 offices, kitchen, and 1 restroom
- Metal roof installed; exterior includes a small enclosed porch for storage
- Plumbing updated in the past few years, including a new water heater
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
$14,701
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
3.92%
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%
$294,020
$294.0K
Cap Rate 7%
$210,014
$210.0K
Cap Rate 9%
$163,344
$163.3K
Market Conditions
NOI Build-Up for 996 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
$23.9K $24.00/SF
− Vacancy
−$4.3K −$4.32/SF
EGI
$19.6K $19.68/SF
− OpEx
−$4.9K −$4.92/SF
NOI
$14.7K $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%
$294,020
Cap Rate 7%
$210,014
Cap Rate 9%
$163,344
Alternative Uses
Best Use
Office B
$210.0K
$183.8K – $245.0K
NOI $14,701 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$420.0K
$367.5K – $490.0K
NOI $29,402 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
669
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office building with four offices, kitchen, one restroom, and a newer metal roof, plus ample parking.
Where is this office units located?
The property is located at 534 528 Market St Johnson 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: Approx. 1,000+/- SF office building with 4 offices, kitchen, and 1 restroom; Metal roof installed; exterior includes a small enclosed porch for storage; Plumbing updated in the past few years, including a new water heater
