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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    128 Spring St Johnson City, TN 37604

    • Retail space
    • 9,200 SF
    • 48.00 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Last Sale
    Dec 11, 2020
    $260,000
    Value Estimations
    $270,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1208172
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 128 Spring St

    Year built
    1925
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    48.00 lot acres
    Property size
    9,200 SF
    Property type
    Retail space
    APN
    046N O 02000
    APU
    046NO02000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $245,000
      ML approach
      $260,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $333,000
      Market price range: $334k - $1.42M
      AI Estimate
      $238,000
      Market price range: $238k - $1.06M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Johnson City
    County
    Washington
    State
    Tennessee
    Longitude
    -82.3519
    Latitude
    36.3155
    CBSA code
    27740
    CBSA name
    JOHNSON CITY, TN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $10,600
    $48,160
    $58,760
    -
    $26,500
    $120,400
    $146,900

    Comparable in this City

    • Value Estimation
      $240,000
      4,754 SF

      3300 Walnut St

      RETAIL STORES (PERSONAL SERVICES) • 4,754 SF
      3300 Walnut St, Johnson City, TN 37604-5952
      View Details
    • Value Estimation
      $225,000
      799 SF

      815 Walnut St

      RETAIL STORES (PERSONAL SERVICES) • 799 SF
      815 Walnut St, Johnson City, TN 37604-6525
      View Details
    • Value Estimation
      $220,000
      2,100 SF

      413 Walnut St

      RETAIL STORES (PERSONAL SERVICES) • 2,100 SF
      413 Walnut St, Johnson City, TN 37604-6713
      View Details
    • Value Estimation
      $230,000
      1,880 SF

      2501 Walnut St

      RETAIL STORES (PERSONAL SERVICES) • 1,880 SF
      2501 Walnut St, Johnson City, TN 37604-6327
      View Details
    • Value Estimation
      $275,000
      3,525 SF

      113 Commerce St

      RETAIL STORES (PERSONAL SERVICES) • 3,525 SF
      113 Commerce St, Johnson City, TN 37604-4702
      View Details
    • Value Estimation
      $590,000
      20,200 SF

      100 Market St

      RETAIL STORES (PERSONAL SERVICES) • 20,200 SF
      100 Market St, Johnson City, TN 37604
      View Details

    Similar Nearby for Sale

    • $1,999,999

      Refurbished Retail Showroom Near Mall

      8,000 SF retail space with high visibility location.
      2111 W Mountcastle Dr, Johnson City, TN 37604
      View Details
    • New
      $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
    • $425,000
      1.00 Acre

      Prime Johnson City Land - High Traffic

      1-acre commercial lot, ideal retail/hospitality.
      100 Highland Ave, Johnson City, TN 37604
      View Details
    • $625,000
      Pending

      Classic Building in Redevelopment District

      Over 100-year-old building suitable for restaurant or retail.
      501 W Walnut St, Johnson City, TN 37604
      View Details
    • New
      $2,000,000
      9,500 SF

      Retail Center in Growing Area

      9,500 SF retail center in Johnson City's fastest-growing area.
      110 Whitewood Blvd, Johnson City, TN 37604
      View Details
    • $649,500
      3,500 SF

      Remodeled Commercial Space, Johnson City

      3,500 SF remodeled property in revitalized downtown district.
      331 W Walnut St, Johnson City, TN 37604
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      600 SF

      Retail Space Near Walmart

      Retail space for lease in high-traffic area near Walmart.
      3107 West Market St, Johnson City, TN 37604
      View Details
    • $13 SF/Yr
      1,500 SF

      Retail Space in Roan Center

      Retail space for lease in established shopping center.
      101 E Unaka Ave, Johnson City, TN 37604
      View Details
    • $14 SF/Yr
      1,200 SF

      Retail Space in Johnson City

      Newly-constructed retail space for lease near Johnson City Medical Center.
      2705 W Market St, Johnson City, TN 37604
      View Details
    • $3,375 /Mo
      2,900 SF

      Downtown Johnson City Retail Space

      Lease opportunity in the heart of Downtown Johnson City.
      212 E Main St, Johnson City, TN 37604
      View Details
    • $10 SF/Yr
      9,660 SF

      Downtown Johnson City Retail Space

      Prime retail space, newly renovated, multiple options.
      253 Main St, Johnson City, TN 37604
      View Details
    • Contact for pricing
      4,038 SF

      Retail Space in Johnson City

      Retail space available in a large shopping center.
      3211 Peoples St, Johnson City, TN 37604
      View Details
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    128 Spring St
    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
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