Office Units with Metal
For Sale
$375,000
534 & 528 W Market Street, Johnson City, TN 37604
COMMERCIAL - Johnson City, TN
Property Size1,000 SF
Price / SF$376.51
Days on Market160
Property Features for 534 & 528 W Market Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COMMERICAL
Subdivision
Cherokee Heights
Directions
Located at the intersection of West Market and John Exum Hwy See sign.
Standard status
Active
APN
046o L 022.00
Size
996 SF
Taxes and HOA fees
Tax Annual Amount
1188
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1925
Building materials
Wood Siding
Roof type
Metal
Listing Agency:
REMAX Checkmate, Inc. Realtors · RE/MAX International
(423) 282-0432
Listed By:
Linda Whitehead · License #220748
(423) 213-9611
Added: Mar 10
Changed: Aug 4
Last Checked: Aug 16 at 4:06AM
MLS# 9992130
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 996-square-foot office property includes four offices, a kitchen, one restroom, and an enclosed porch that provides additional storage. The building was constructed in 1925 and features wood siding, a metal roof, natural-gas heating, central air, public water, and public sewer. Plumbing and the water heater were updated a few years ago.
The property comprises two parcels at 534 & 528 W Market Street in Johnson City, Tennessee. It offers parking and exposure at a main highway intersection. The site was previously used as a car sales lot, and the property is identified with COMMERICAL zoning. The existing sign is excluded from the sale.
The property comprises two parcels at 534 & 528 W Market Street in Johnson City, Tennessee. It offers parking and exposure at a main highway intersection. The site was previously used as a car sales lot, and the property is identified with COMMERICAL zoning. The existing sign is excluded from the sale.
Key Highlights
- 996‑square‑foot office building with four offices, a kitchen, one restroom, and an enclosed porch
- Two parcels at 534 & 528 W Market Street, Johnson City, TN 37604
- Metal roof, central air, natural‑gas heating, public water, and public sewer
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Compact office property with multiple private rooms, a kitchen, storage porch, and on-site parking.
Where is this office units located?
The property is located at 534 & 528 W Market Street 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: 996‑square‑foot office building with four offices, a kitchen, one restroom, and an enclosed porch; Two parcels at 534 & 528 W Market Street, Johnson City, TN 37604; Metal roof, central air, natural‑gas heating, public water, and public sewer
