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    Medical Facility in Med Tech Park Title is generated by Realmo AI

    110 Med Tech Pkwy, Johnson City, TN 37604

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    33,521 SF medical facility in Johnson City, Tennessee.

    Type:Office
    Property size:
    33,521 SF
    Lot size:
    3.70 Acres
    Price / SF:
    $295/SF
    Added:
    Oct 1, 2022
    Days on Market:
    1343
    Last Refresh:
    May 19 at 9:39 pm

    Property Features for 110 Med Tech Pkwy

    General Information

    Standard status
    Active
    Size
    33,521 SF
    Lot size
    3.70 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1942

    We can help!

    Listing Contact
    Jerry Petzoldt

    Listing agent Jerry Petzoldt License #VA

    Listing office TCI Group – Jerry Petzoldt Agency LLC

    Listing date Oct 1, 2022

    Source Crexi

    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 TCI Group – Jerry Petzoldt Agency LLC

    HighLights

    • State‑of‑the‑art medical facility boasting 33,521 sq ft on 3.7 acres.
    • Located in the regionally recognized Med Tech Park.
    • Main floor highlights include a 6,600 sq ft surgery center and a 23,020 sq ft clinic area with 40+ exam rooms and 2 operating rooms.
    • Features a large paved parking lot with 169 spaces.
    • Convenient location in the heart of Johnson City's retail and medical district, near I‑26.
    • Includes a 2,919 sq ft climate‑controlled basement for file storage.

    Overview

    This 33,521 square foot medical facility is situated on 3.7 acres within Med Tech Park in Johnson City, Tennessee. Established in 1942, the property is recognized as a high-quality medical and professional office building. The main floor comprises 30,602 square feet, divided into two medical suites: a 6,600 square foot surgery center and a 23,020 square foot clinic area. The clinic area includes over 40 exam rooms, 10 doctor offices, and 2 operating rooms, along with a large reception and waiting room, and a porte cochere covered entrance. The surgery center features 4 pre and post-op bays and 2 operating rooms, with its own separate lobby. Additionally, the building has a 2,919 square foot climate-controlled basement area suitable for file storage. A large paved parking lot with 169 spaces surrounds the building. The property is located in the heart of Johnson City's retail and medical district along State of Franklin Road, within one half mile of I-26. Med Tech Park is also home to Franklin Woods Hospital, Bank of Tennessee, Ballad Health Corporate Offices, First Choice Pediatrics, Fresenius Kidney Care, and State of Franklin Healthcare Associates. The Johnson City Eye Clinic and Surgery Center has outgrown their current location and is now developing a new larger medical office building on 18 acres at the end of Hopewell Dr in Med Tech Park.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $804.5k $24.00
    − Vacancy −$144.8k −$4.32
    EGI $659.7k $19.68
    − OpEx −$164.9k −$4.92
    NOI $494.8k $14.76
    33,521 SF · lease $24.00/SF/yr · vacancy 18.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $7.07M
    $6.18M – $8.25M (±1% cap)
    NOI $494,770 @ 7.0% cap · market cap 5.00%
    Second Best
    Healthcare Medical
    $6.63M
    $5.80M – $7.73M (±1% cap)
    NOI $463,756 @ 7.0% cap · market cap 4.68%
    Theoretical Best
    Office A
    $14.14M
    $12.37M – $16.49M (±1% cap)
    NOI $989,540 @ 7.0% cap · market cap 10.00%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Johnson City Eye ... Ophthalmologist Randal J. Rabon, ... Ophthalmologist John C. Johnson, ... Ophthalmologist Dr. Michael F. ... Ophthalmologist Amy B. Young, ... Ophthalmologist

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnson City
    County
    Washington
    State
    Tennessee
    Longitude
    -82.403833
    Latitude
    36.340573

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    FAQs

    What type of property is this?
    Medical center - 33,521 SF medical facility in Johnson City, Tennessee.
    Where is this medical center located?
    The property is located at 110 Med Tech Pkwy Johnson City, TN.
    What is the asking price?
    The asking price for this property is $9,900,000.
    What are key features of this property?
    This property features: State‑of‑the‑art medical facility boasting 33,521 sq ft on 3.7 acres.; Located in the regionally recognized Med Tech Park.; Main floor highlights include a 6,600 sq ft surgery center and a 23,020 sq ft clinic area with 40+ exam rooms and 2 operating rooms.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jerry Petzoldt
    Real Estate License ID: VA
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    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.

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