Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    116 Airport Rd Johnson City, TN 37615

    Sponsored
    For Sale
    $999,000

    Prime 3.47-acre commercial land

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional 3.47-acre commercial land parcel is ideally situated at the highly visible, lighted intersection of Kingsport Highway and Airport Road in Gray, Tennessee. The property boasts a mostly level and clear site, perfect for a wide range of commercial developments. Its B-3 General Business District zoning allows for diverse uses. Conveniently located near Tri-Cities Airport, Boone Lake, and major interstates I-26 and I-81, this property offers unparalleled accessibility. The site is approximately 2.5 miles from I-26 (exit 13) and 3.5 miles from I-81 (exit 59), ensuring easy access for customers and employees. The asking price is $999,000. The property's APN is 005 013.01, 005 013.02. This is a rare opportunity to acquire a strategically located commercial lot in a thriving area with excellent visibility and convenient access to major transportation routes. Don't miss this chance to capitalize on this prime location.

    Property Features for 116 Airport Rd

    General Information

    Property type
    Land
    Lot Size
    151,153 SF

    We can help!

    Listing Contact
    John Speropulos, Sior, Ccim
    John Speropulos, Sior, Ccim

    Learn more

    HighLights

    • High‑visibility corner lot at a lighted intersection.
    • Level, clear 3.47‑acre site.
    • 5‑minute drive to Tri‑Cities Airport.
    • Close proximity to Boone Lake.
    • 2.5 miles to I‑26 (Exit 13).
    • 3.5 miles to I‑81 (Exit 59).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Real Estate Agency Building Supply Auto Repair Shop Hotel & Motel Auto Parts Store Kitchen & Bath Showroom Food Market HVAC Service Grocery & Convenience Store Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Johnson City
    County
    Washington
    State
    Tennessee
    Longitude
    -82.449088505316
    Latitude
    36.438239343705

    Nearby Similar for Sale

    • $1,385,000
      3,990 SF

      Johnson City Mini-Farm Multi-Residence Property

      Rare opportunity: mini-farm with multi-residence setup on 2.7 acres.
      3220 Knob Creek Rd, Johnson City, TN 37615
      View Details
    • $725,000
      Pending

      Retail Center in Prime Location

      Strip-style retail center with income potential in thriving Johnson City.
      701 W Market St, Johnson City, TN 37604
      View Details
    • New
      $1,590,000
      8,942 SF

      Johnson City Multifamily Investment Opportunity

      Sixteen-unit apartment portfolio near ETSU and Milligan University.
      Johnson City, TN 37601
      View Details
    • $2,400,000
      2.70 Acres

      25-Unit Apartment Complex Investment

      Multi-family investment opportunity in Johnson City, Tennessee.
      1106 Fremont Dr, Johnson City, TN 37601
      View Details
    • $1,498,000
      6,264 SF

      Class A Office Space

      Exceptional office space in North Johnson City, Tennessee.
      411 Princeton Rd, Johnson City, TN 37601
      View Details
    • $789,800
      1.40 Acres

      New Duplexes with Scenic Views

      Modern duplexes near ETSU with spacious yards and garages.
      1519 &1521 Carroll Crk Rd, Johnson City, TN 37615
      View Details
    • $799,000
      Pending

      Investment Property with Owner Financing

      Multi-family investment opportunity near Gray Station Road with owner financing.
      166-178 Gray Station Rd, Johnson City, TN 37615
      View Details
    • $1,495,000
      1.10 Acres

      Johnson City 12-Unit Apartment Complex

      Well-maintained 12-unit apartment complex in a sought-after Johnson City location.
      1308 Knob Creek Rd, Johnson City, TN 37604
      View Details
    • $525,000
      0.85 Acres

      Commercial Space in Johnson City

      Centrally located commercial space suitable for various business uses.
      127 Cherry St, Johnson City, TN 37615
      View Details
    • $650,000
      4,147 SF

      High-Visibility Commercial Building For Sale

      Income-producing commercial building with high visibility and development potential.
      401 Elm St, Johnson City, TN 37601
      View Details
    • $1,600,000
      1,778 SF

      Multifamily and Commercial Investment Opportunity

      Multifamily and commercial building with income potential in Johnson City.
      1412 Knob Creek Rd, Johnson City, TN 37604
      View Details
    • $524,900
      1,764 SF

      Multifamily Property: Strong Cash Flow

      Three-unit property with consistent rental income and versatile tenant appeal.
      3536/3538 W Walnut St, Johnson City, TN 37604
      View Details

    FAQs

    What type of property is this?
    Land - Prime 3.47-acre commercial land
    Where is this land located?
    The property is located at 116 Airport Rd Johnson City, TN.
    What is the asking price?
    The asking price for this property is $999,000.
    What are key features of this property?
    This property features: High-visibility corner lot at a lighted intersection.; Level, clear 3.47-acre site.; 5-minute drive to Tri-Cities Airport.
    Request Owner's contact information
    116 Airport Rd Johnson City, TN 37615
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    116 Airport Rd
    Johnson City, TN 37615
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    116 Airport Rd Johnson City, TN 37615
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    John Speropulos, Sior, Ccim
    John Speropulos, Sior, Ccim
    Real Estate License ID: 273807
    Learn more
    Google sign-in failed. Please try again or use another login method.