Two-Unit
New
For Sale
$145,000
812 Hamilton St, Johnson City, TN 37604
A main-level residence and a separate basement living area create a two-part configuration.
Property Size1,814 SF
Price / SF$79.93
Days on Market3
Property Features for 812 Hamilton St
General Information
Standard status
Active
Size
1,814 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
covered porch
Building Details
Year Built
1930
Listing Agency:
Century 21 Legacy
Listed By:
The Freck Group, Shad Freck, Stephanie M
(423) 429-5214
Source:
Livinginjohnsoncity
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 11:52AM
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 Century 21 Legacy
Investment Insights
Based on property information with market context.
Built in 1930, this 1,814-square-foot duplex contains two separate living areas, one on the main floor and one in the basement. Each has two bedrooms and one bathroom, along with its own covered porch. The main-level unit features abundant natural light, updated windows, and newer cabinets and countertops. A water heater was installed in 2024.
The property is within walking distance of the VA Medical Center and ETSU.
The property is within walking distance of the VA Medical Center and ETSU.
Key Highlights
- Two separate living areas: one on the main floor and one in the basement
- Each residence has 2 bedrooms and 1 bathroom
- 1,814 square feet; built in 1930
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
$11,534
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
7.95%
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%
$230,680
$230.7K
Cap Rate 7%
$164,771
$164.8K
Cap Rate 9%
$128,156
$128.2K
Market Conditions
NOI Build-Up for 1,814 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
$17.6K $9.72/SF
− Vacancy
−$1.2K −$0.64/SF
EGI
$16.5K $9.08/SF
− OpEx
−$4.9K −$2.73/SF
NOI
$11.5K $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%
$230,680
Cap Rate 7%
$164,771
Cap Rate 9%
$128,156
Alternative Uses
Best Use
Multifamily LT 5
$164.8K
$144.2K – $192.2K
NOI $11,534 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$146.5K
$128.2K – $170.9K
NOI $10,255 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$765.0K
$669.4K – $892.5K
NOI $53,549 @ 7.0% cap · market cap 36.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - A main-level residence and a separate basement living area create a two-part configuration.
Where is this duplex located?
The property is located at 812 Hamilton St Johnson City, TN.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Two separate living areas: one on the main floor and one in the basement; Each residence has 2 bedrooms and 1 bathroom; 1,814 square feet; built in 1930
