Restaurant Building with Full
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For Sale
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71 Wilson Ave, Johnson City, TN 37604
Downtown restaurant property with bar service, substantial kitchen facilities, and seating for more than 220 guests.
Property Size9,605 SF
Price / SF$218.64
Days on Market7
Property Features for 71 Wilson Ave
General Information
Standard status
Active
Size
9,605 SF
Total Parking Spaces
20
Property subtype
RETAIL
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
Mitch Cox Realtor, Inc.
(423) 282-6582
Listed By:
Shannon K. Castillo · License #328830
(423) 943-0530
Source:
Moodyscre
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 7 at 12:25PM
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 Mitch Cox Realtor, Inc.
Investment Insights
Based on property information with market context.
This 9,605-square-foot conventional restaurant property includes a bar, large kitchen, two walk-in coolers, and dining capacity for more than 220 people. A private parking area behind the building provides 20 spaces, with additional public parking lots nearby.
The property is positioned at Wilson Avenue and Commerce Street in Downtown Johnson City, adjacent to Founders Park and the Johnson City Farmers’ Market. Access from I-26 is provided via Exit 23, followed by travel west on E Market St. and south on S Commerce St.
The property is positioned at Wilson Avenue and Commerce Street in Downtown Johnson City, adjacent to Founders Park and the Johnson City Farmers’ Market. Access from I-26 is provided via Exit 23, followed by travel west on E Market St. and south on S Commerce St.
Key Highlights
- 9,605‑square‑foot restaurant property
- Seating capacity for more than 220 people
- Includes bar, large kitchen, and two walk‑in coolers
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
$159,335
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
7.59%
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%
$3,186,700
$3.2M
Cap Rate 7%
$2,276,214
$2.3M
Cap Rate 9%
$1,770,389
$1.8M
Market Conditions
NOI Build-Up for 9,605 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
$221.3K $23.04/SF
− Vacancy
−$8.9K −$0.92/SF
EGI
$212.4K $22.12/SF
− OpEx
−$53.1K −$5.53/SF
NOI
$159.3K $16.59/SF
Area
Washington County, TN
Vacancy
4.00%
Lease Rate
$23.04 /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%
$3,186,700
Cap Rate 7%
$2,276,214
Cap Rate 9%
$1,770,389
Alternative Uses
Best Use
Specialty Retail
$2.28M
$1.99M – $2.66M
NOI $159,335 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.05M
$3.54M – $4.73M
NOI $283,540 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,704
Businesses Nearby
23k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 38%
Renasant Bank
Shops & Services
10,280 visits/mo
0.2 miles
Wild Wing Cafe
Dining
8,911 visits/mo
0.1 miles
Sunoco
Shops & Services
3,088 visits/mo
0.5 miles
Napa Auto Parts
Shops & Services
1,157 visits/mo
0.5 miles
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 Retail 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?
Conventional restaurant - Downtown restaurant property with bar service, substantial kitchen facilities, and seating for more than 220 guests.
Where is this conventional restaurant located?
The property is located at 71 Wilson Ave Johnson City, TN.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 9,605‑square‑foot restaurant property; Seating capacity for more than 220 people; Includes bar, large kitchen, and two walk‑in coolers
