Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    501 W Walnut St Johnson City, TN 37604

    • Commercial real estate
    • 5,480 SF
    • 0.24 lot acres
    For Sale
    View listing
    $625,000
    Last Sale
    Jun 18, 2021
    $200,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-2380847
    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

    • Commercial real estate

    Property Details for 501 W Walnut St

    Year built
    1946
    Lot size
    0.24 lot acres
    Property size
    5,480 SF
    Property type
    Commercial real estate
    APN
    054C H 03200
    APU
    054CH03200

    Description

    This exceptional 3,652 square foot restaurant space, located at 501 W Walnut St, Johnson City, TN 37604, presents a unique investment opportunity. Situated on a 0.24-acre lot in the heart of the W. Walnut Street Redevelopment Corridor, this property boasts a prime location directly across from the recently remodeled Model Mill. Built in 1920, this single-story, Class C building features a spacious interior, complemented by a 2,083 square foot patio ideal for outdoor events. The property includes 29 parking spaces and a 20' x 82' floored attic offering ample storage. Recent upgrades include new double-hung insulated windows on the front, new wiring, new sheetrock, and updated his and her bathrooms. All utility hook-ups have been modernized as part of the city's redevelopment improvements. The property is vacant and ready for immediate occupancy. This fee-simple ownership opportunity is further enhanced by its location within a Tax Increment Financing District, offering significant growth potential. The APN is 054C H 032.00 and the permitted zoning is WWD. This is a rare chance to acquire a well-positioned, historic building with significant upside in a thriving downtown area. The building is vacant and readily available for viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Johnson City
    County
    Washington
    State
    Tennessee
    Longitude
    -82.3554
    Latitude
    36.311
    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
    $25,560
    $36,480
    $62,040
    -
    $63,900
    $91,200
    $155,100

    Comparable in this City

    • Value Estimation by Request
      146.00 Acres

      Ashe St

      COMMERCIAL (GENERAL) • 146.00 Acres
      Ashe St, Johnson City, TN 37604
      View Details
    • Value Estimation by Request
      4.50 Acres

      2103 Indian Rdg Rd

      COMMERCIAL (GENERAL) • 4.50 Acres
      2103 Indian Rdg Rd, Johnson City, TN 37604-4273
      View Details
    • Value Estimation by Request
      1.44 Acres

      108 Judd Ln

      COMMERCIAL (GENERAL) • 1.44 Acres
      108 Judd Ln, Johnson City, TN 37604-6084
      View Details
    • Value Estimation by Request
      65.00 Acres

      Wilson Ave

      COMMERCIAL (GENERAL) • 65.00 Acres
      Wilson Ave, Johnson City, TN 37604
      View Details
    • Value Estimation by Request
      13.27 Acres

      605 Carter Sells Rd

      COMMERCIAL (GENERAL) • 13.27 Acres
      605 Carter Sells Rd, Johnson City, TN 37604-6344
      View Details
    • Value Estimation by Request
      4.70 Acres

      Cherokee Rd

      COMMERCIAL (GENERAL) • 4.70 Acres
      Cherokee Rd, Johnson City, TN 37604
      View Details

    Similar Nearby for Sale

    • $495,000
      1.46 Acres

      Johnson City Commercial Land - $495K

      1.46 Acres, Planned Business Zoning, I-26 Visibility
      2340 Peoples St, Johnson City, TN 37604
      View Details
    • $500,000
      1.00 Acre

      Johnson City Commercial Land Opportunity

      Prime I-26 location, diverse development potential.
      2503 Browns Mill Rd, Johnson City, TN 37604
      View Details
    • $1,125,850
      4.09 Acres

      Johnson City Commercial Land

      Prime 4-acre commercial lot, ideal location.
      0 Mountain View Rd, 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
    • $8,250,000
      63.90 Acres

      Prime Johnson City Commercial Land

      63.9 Acres, Excellent Location, High Visibility
      473 Fairridge Rd, Johnson City, TN 37604
      View Details
    • $380,000
      0.70 Acres

      W. Market St Commercial Land

      High-traffic Johnson City lot, ideal for retail.
      2817 Market St, Johnson City, TN 37604
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      44,457 SF

      Johnson City Retail Spaces Available

      Prime Retail Space, High Traffic Area, Ample Parking
      1069 Hamilton Pl, Johnson City, TN 37604
      View Details
    • $800 /Mo
      1,800 SF

      New Construction Storage Units

      New construction storage units for lease in Johnson City, TN.
      617 Collins Dr, 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
    • $599,000
      4,136 SF

      Medical Office Condo in Med Tech

      Two-story office condo in Med Tech Park available for lease.
      110 Corporate Dr, 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
    Request Owner's contact information
    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.
    501 W Walnut St
    Johnson City, TN 37604
    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
    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

    Google sign-in failed. Please try again or use another login method.