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    1120 State Of Franklin Rd Johnson City, TN 37604

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    For Lease
    Contact for pricing

    Johnson City, TN retail & office space available

    Lot size:
    14,953 SF

    Property Features for 1120 State Of Franklin Rd

    General Information

    Property type
    Shopping malls
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    14,953 SF
    Total Rate
    42366.83

    Building Details

    Year Built
    2018
    Buildings
    2
    Stories
    1

    Spaces For Lease

    at 1120 State Of Franklin Rd, Johnson City, TN 37604 Contact us
    Unit Suite 20

    $34 /Mo

    Size
    1,532 SF
    Contact us

    We can help!

    Listing Contact
    Shannon K. Castillo
    Shannon K. Castillo

    Listing Agency: Mitch Cox Realtor, Inc. Listing Agent: Shannon K. Castillo

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    University Centre, a two-building, 14,953 square foot retail and office complex in Johnson City, Tennessee, offers a prime leasing opportunity. Built in 2018, this single-story property boasts a highly desirable location at the signalized intersection of West State of Franklin Road and University Parkway, directly across from East Tennessee State University (ETSU). The property benefits from exceptional visibility and high traffic counts. This location provides immediate proximity to three major employers: ETSU, the Veterans Affairs Medical Center, and Johnson City Medical Center, ensuring a strong and stable tenant base. Currently, there is one 1,532 square foot space available for lease. The property is part of a thriving retail center with established tenants including Verizon, Alumni Hall, Subway, First Watch, uBreakiFix, and Starbucks. The property's address is 1120 W State of Franklin Rd, Johnson City, TN 37604, and its APN is 054J A 015.00. Access from Interstate 26 is convenient via Exit 23. This presents a unique opportunity for businesses seeking a high-traffic, well-established location in a rapidly growing area. The property is situated in Washington County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Subway Take-out & Catering Kathryn Robinson - GEICO ... Insurance Agency Mama DeLuca's Take-out & Catering Creekside Boulevard Garden Center Alumni Hall (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnson City
    County
    Washington
    State
    Tennessee
    Longitude
    -82.366026210276
    Latitude
    36.307871970207

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    FAQs

    What type of property is this?
    Shopping mall - Johnson City, TN retail & office space available
    Where is this shopping mall located?
    The property is located at 1120 State Of Franklin Rd Johnson City, TN.
    What is the lease rate?
    The lease rate is $34 SF/Yr.
    What are key features of this property?
    This property features: 14,953 SF shopping center, 2018 construction.; High-visibility location at a busy, signalized intersection with monument signage.; Strong tenant mix including Verizon, Subway, Starbucks, and others, situated near ETSU, VA Medical Center, and Johnson City Medical Center.
    (423) 943-0530 Call to check price and availability
    Request Owner's contact information
    1120 State Of Franklin Rd Johnson City, TN 37604
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    Johnson City, TN 37604
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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.

    More about this property
    1120 State Of Franklin Rd Johnson City, TN 37604
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    Contact for Pricing
    Please call us for current price
    and status of this listing Shannon K. Castillo
    Shannon K. Castillo
    Real Estate License ID: 328830
    (423) 943-0530 (423) 282-6582
    Learn more
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