Five-Bay Self-Service Car
New
For Sale
Contact for pricing
813-815 W Walnut St, Johnson City, TN 37604
Self-service wash with an attached retail component near University Pkwy and Gilbreath Dr.
Property Size799 SF
Price / SF$561.95
Days on Market4
Property Features for 813-815 W Walnut St
General Information
Standard status
Active
Size
799 SF
Property subtype
RETAIL
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Car Wash Bays
5
Listing Agency:
Wallace Real Estate
(865) 584-4000
Listed By:
Kush Patel
(423) 539-7190
Source:
Moodyscre
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 3:01PM
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 Wallace Real Estate
Investment Insights
Based on property information with market context.
This self-service car wash includes five wash bays and an approximately 799-square-foot retail store. The property combines automotive service space with a dedicated retail component at 813-815 W Walnut St.
Access is provided from W Walnut St near University Pkwy and Gilbreath Dr. The site is reached from I-26 via Exit 23, with the property positioned along the route toward downtown Johnson City and ETSU.
Access is provided from W Walnut St near University Pkwy and Gilbreath Dr. The site is reached from I-26 via Exit 23, with the property positioned along the route toward downtown Johnson City and ETSU.
Key Highlights
- Five‑bay self‑service car wash
- Approximately 799 SF retail store
- Located at 813‑815 W Walnut St
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
$13,254
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
2.95%
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%
$265,080
$265.1K
Cap Rate 7%
$189,343
$189.3K
Cap Rate 9%
$147,267
$147.3K
Market Conditions
NOI Build-Up for 799 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
$18.4K $23.04/SF
− Vacancy
−$736 −$0.92/SF
EGI
$17.7K $22.12/SF
− OpEx
−$4.4K −$5.53/SF
NOI
$13.3K $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%
$265,080
Cap Rate 7%
$189,343
Cap Rate 9%
$147,267
Alternative Uses
Best Use
Specialty Retail
$189.3K
$165.7K – $220.9K
NOI $13,254 @ 7.0% cap · market cap 2.95%
Second Best
Retail
$178.6K
$156.3K – $208.3K
NOI $12,500 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$336.9K
$294.8K – $393.1K
NOI $23,586 @ 7.0% cap · market cap 5.25%
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
749
Businesses Nearby
154k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 96%
Shops & Services 3%
Electronics 1%
Pal's Sudden Service
Dining
32,938 visits/mo
0.4 miles
Cook Out
Dining
31,189 visits/mo
0.4 miles
McDonald's
Dining
27,484 visits/mo
0.2 miles
Wendy's
Dining
18,759 visits/mo
0.4 miles
First Watch
Dining
12,373 visits/mo
0.3 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
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Frequently Asked Questions
What type of property is this?
Self service car wash - Self-service wash with an attached retail component near University Pkwy and Gilbreath Dr.
Where is this self service car wash located?
The property is located at 813-815 W Walnut St Johnson City, TN.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Five‑bay self‑service car wash; Approximately 799 SF retail store; Located at 813‑815 W Walnut St
