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

    3024 Peoples St Johnson City, TN 37604-1442

    • Office Properties & Spaces
    • 4,510 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Oct 01, 2021
    $640,000
    Value Estimations
    $670,000
    Show details
    Cap Rate Potential
    6.8%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US80-0778889
    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

    • USA Real Estate Company / Real Estate Agency / Real Estate Agent

    Property Details for 3024 Peoples St

    Year built
    1971
    Lot size
    0.07 lot acres
    Property size
    4,510 SF
    Property type
    Office Properties & Spaces
    APN
    037E A 00101
    APU
    037EA00101

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $805,000
      ML approach
      $775,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $915,000
      6.5%
      $845,000
      7%
      $785,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $588,000
      Market price range: $199k - $850k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $515,000
      Current use
      AUTO REPAIR, GARAGE
      $600,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnson City
    County
    Washington
    State
    Tennessee
    Longitude
    -82.398
    Latitude
    36.3527
    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
    $38,520
    $113,120
    $151,640
    -
    $96,300
    $282,800
    $379,100

    Comparable in this City

    • Value Estimation by Request
      3,532 SF

      208 Fairview Ave

      OFFICE (GENERAL) • 3,532 SF
      208 Fairview Ave, Johnson City, TN 37604-5611
      View Details
    • Value Estimation by Request
      4,968 SF

      205 Walnut St

      OFFICE (GENERAL) • 4,968 SF
      205 Walnut St, Johnson City, TN 37604-6851
      View Details
    • Value Estimation
      $1,145,000
      40,736 SF

      201 Boone St

      OFFICE (GENERAL) • 40,736 SF
      201 Boone St, Johnson City, TN 37604
      View Details
    • Value Estimation by Request
      7,728 SF

      217 Main St

      OFFICE (GENERAL) • 7,728 SF
      217 Main St, Johnson City, TN 37604-5796
      View Details
    • Value Estimation by Request
      1,470 SF

      247 Main St

      OFFICE (GENERAL) • 1,470 SF
      247 Main St, Johnson City, TN 37604-5707
      View Details
    • Value Estimation by Request
      2,688 SF

      3692 Market St

      OFFICE (GENERAL) • 2,688 SF
      3692 Market St, Johnson City, TN 37604-9302
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,217 SF

      Waterbrooke Office Building Opportunity

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    • $425,000
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      Prime Johnson City Land - High Traffic

      1-acre commercial lot, ideal retail/hospitality.
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      Medical Facility in Med Tech Park

      State-of-the-art medical facility for sale or lease.
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      Downtown Johnson City Office Building

      Move-in ready office building in a Qualified Opportunity Zone.
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      3,500 SF remodeled property in revitalized downtown district.
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    Similar Nearby for Lease

    • $34 SF/Yr
      14,953 SF

      University Centre Office Space

      Johnson City, TN retail & office space available
      1120 State Of Franklin Rd, Johnson City, TN 37604
      View Details
    • $12 SF/Yr
      26,255 SF

      Downtown Johnson City Office Space

      Historic building, 746 sq ft available
      207 Main St, Johnson City, TN 37604
      View Details
    • $13 SF/Yr
      4,732 SF

      Johnson City Retail Space For Lease

      Prime Johnson City retail space, 4,732 sq ft.
      3410 Market St, Johnson City, TN 37604
      View Details
    • $1,100 /Mo
      1,200 SF

      Sunset Drive Office Space Available

      Office space for rent on Sunset Drive in Johnson City.
      902 Sunset Dr, Johnson City, TN 37604
      View Details
    • $15 SF/Yr
      3,975 SF

      Johnson City Office Space Available

      Office space for lease near retail corridor and I-26.
      4 Limited Centre St, Johnson City, TN 37604
      View Details
    • $1,688 /Mo
      1,500 SF

      Professional Office Space For Lease

      Well-maintained office space in a highly visible, accessible Johnson City location.
      302 Sunset Dr, Johnson City, TN 37604
      View Details
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    3024 Peoples St
    Johnson City, TN 37604-1442
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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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