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    5602 Kingsport Hwy Gray, TN 37615
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    Property profile & analytics

    5602 Kingsport Hwy, Gray, TN 37615

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    • Office Spaces
    • 8,209 SF
    • 133.00 lot acres
    For Sale
    $879,900
    View Listing →
    Commercial Space with Development Potential For Sale
    $879,900
    7,832 SF

    Commercial Space with Development Potential

    Versatile commercial space in Gray, TN with development opportunity.

    5602 Kingsport Highway, Gray, TN 37615
    View Listing
    Property ID
    US80-0074576
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • A Nature's Healing Arts / Alternative Medicine Practice
    • The Lucky Fin Homestore / Furniture & Home Goods / Home Decor Store
    • Jim Quillin, LMT, MBA / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 5602 Kingsport Hwy

    Year built
    1960
    Lot size
    133.00 lot acres
    Property type
    Office Spaces
    APN
    013I A 01000
    APU
    013IA01000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 31, 2024 — Timothy R Zeolia — Deed · related $75k · Mountain Commerce Bank
    Oct 28, 2019 — Timothy R Zeolia — Deed · related $323k · Mountain Cmrc Bk
    Mar 21, 2018 $151,672 Gregory Todd Ramsey Bayview Loan Servicing LLC Special Warranty Deed $152k · Mountain Commerce Bank
    Sep 26, 2016 $157,500 Bayview Ln Svcg LLC Rubin Lublin Tn PLLC|fegley,scott A Trustees Deed · related —
    Feb 7, 2006 $150,000 Scott A Fegley Harmon,jewel W G Warranty Deed $100k · Jewell G Harmon
    Nov 4, 2005 $20,000 State Of Tennessee Harmon,jewel W G Warranty Deed —
    — — Timothy R Zeolia — Loan Modification · related $323k · Mountain Cmrc Bk

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Gray
    County
    Washington
    State
    Tennessee
    Longitude
    -82.4261
    Latitude
    36.4137
    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
    $18,200
    $48,760
    $66,960
    -
    $45,500
    $121,900
    $167,400

    Comparable in this City

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      1788 Old Gray Sta Rd

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      268 Christian Church Rd

      Neighborhood centers
      268 Christian Church Rd, Johnson City, TN 37615
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      12,980 SF

      120 Dillon Ct

      OFFICE (GENERAL)
      120 Dillon Ct, Gray, TN 37615-3554
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      10,837 SF

      282 Christian Church Rd

      OFFICE (GENERAL)
      282 Christian Church Rd, Johnson City, TN 37615-4475
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    • Value Estimation
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      240 Suncrest St

      OFFICE (GENERAL)
      240 Suncrest St, Johnson City, TN 37615-8400
      View Details

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    • $879,900
      7,832 SF

      Commercial Space with Development Potential

      Versatile commercial space in Gray, TN with development opportunity.
      5602 Kingsport Hwy, Gray, TN 37615
      View Details
    • Contact for pricing
      3,982 SF

      Versatile Commercial Property Near Highway

      Conveniently located flex space with office and warehouse areas.
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      22,922 SF

      Quality Inn Johnson City Opportunity

      Hospitality property with seven-figure performance potential in up-and-coming city.
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    • $75,000
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      Residential Land in Desirable Community

      Homesite with amenities in a charming, convenient neighborhood.
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      47,916 SF

      Boone Lake Waterfront Land

      Land with panoramic lake views and potential for private dock.
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    Similar Nearby for Lease

    • Contact for pricing
      2,500 SF

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      Office suite within Scouting America with ample parking, an open work area, and direct dock-high loading access.
      129 Boone Ridge Dr, Johnson City, TN 37615
      View Details
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      Interstate Accessible Land in Gray, TN

      Large acreage with visibility and access off Suncrest Drive.
      Mohler Rd, Johnson City, TN 37615
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      1,660 SF

      New Retail Construction Development

      New retail spaces available in high-growth East Tennessee location.
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      Established Coffee House in Gray, TN

      Thriving coffee shop for sale in a prime location.
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      Functional Flex Space in Boones Creek

      Clear span flex space suitable for sales, service, or distribution.
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      View Details
    View Listing
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    Gray, TN 37615
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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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