Multifamily Property with
For Sale
$485,000
809 Ridgecrest Rd, Johnson City, TN 37604
Three living areas offer flexible rental configurations with separate HVAC and power metering for each space.
Property Size2,824 SF
Price / SF$171.74
Days on Market12
Property Features for 809 Ridgecrest Rd
General Information
Standard status
Active
Size
2,824 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1972
Buildings
2
Tenancy
Multi
Listing Agency:
RE/MAX Preferred
Listed By:
The Freck Group, Shad Freck, Stephanie M
(423) 429-5214
Source:
Livinginjohnsoncity
Added: Sep 16
Changed: Sep 26
Last Checked: Sep 26 at 6:42AM
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 RE/MAX Preferred
Investment Insights
Based on property information with market context.
This 1972 multifamily property includes a duplex with two 2-bedroom, 1-bath units and a detached 1-bedroom, 1-bath cottage. The cottage has newly installed appliances, flooring, and HVAC. Each of the three living areas is served by its own HVAC system and separate power meter, while the duplex shares one water meter. The property includes 2,824 SF and sits on a nearly half-acre lot.
The property is near ETSU, downtown Johnson City, hospitals, and shopping. Current occupancy includes college students, with the duplex bedrooms leased individually. The three-unit configuration supports a range of residential income and occupancy arrangements, subject to applicable requirements.
The property is near ETSU, downtown Johnson City, hospitals, and shopping. Current occupancy includes college students, with the duplex bedrooms leased individually. The three-unit configuration supports a range of residential income and occupancy arrangements, subject to applicable requirements.
Key Highlights
- Duplex includes two 2‑bedroom, 1‑bath units
- Detached 1‑bedroom, 1‑bath cottage completed with new appliances, flooring, and HVAC
- Three living areas with separate HVAC and power metering
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
$17,956
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
3.70%
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%
$359,120
$359.1K
Cap Rate 7%
$256,514
$256.5K
Cap Rate 9%
$199,511
$199.5K
Market Conditions
NOI Build-Up for 2,824 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
$27.4K $9.72/SF
− Vacancy
−$1.8K −$0.64/SF
EGI
$25.7K $9.08/SF
− OpEx
−$7.7K −$2.73/SF
NOI
$18.0K $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%
$359,120
Cap Rate 7%
$256,514
Cap Rate 9%
$199,511
Alternative Uses
Best Use
Multifamily LT 5
$256.5K
$224.5K – $299.3K
NOI $17,956 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$228.1K
$199.6K – $266.1K
NOI $15,964 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,364 @ 7.0% cap · market cap 17.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
181
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three living areas offer flexible rental configurations with separate HVAC and power metering for each space.
Where is this multifamily property located?
The property is located at 809 Ridgecrest Rd Johnson City, TN.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Duplex includes two 2‑bedroom, 1‑bath units; Detached 1‑bedroom, 1‑bath cottage completed with new appliances, flooring, and HVAC; Three living areas with separate HVAC and power metering
