2313 Browns Mill Rd

Retail-Commercial for Sale
Catylist Listing ID: 30809275
Property Subtypes: Mixed Use
Building Size (RSF): 8,008 SF
Gross Land Area: 0.79 Acres
Sale Price: $734,000
Unit Price: $91.66 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.4%
Average Occupancy Rate: 100
Last Updated: 8/8/2022

Overview / Comments

3 Unit Strip center available as a stable, and sharp investment property, dance studio, salon and insurance office, with ample parking, just behind Krogers off N Roan Street in Johnson City.

Property boasts clean and professional office build outs, and 42 parking spaces on a newly sealed and striped lot.

A cap X expenditure for parking lot and HVAC heat pump was spent last year.

Lease to be formulated during contract period for middle unit for 5 years. Rent bump scheduled next year.

Gross rents approximately $73,800, with low overhead. Great 1031 exchange property, or passive income for stable growth during inflation.

100% occupancy, and qualifying buyers through proof of funds, or bank letter for full showing to not disturb tenant or tenant business.

All info to be verified by buyer/buyers agent.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $9,245 (Annual)
Potential Rental Income $73,800 (Annual)
Gross Operating Income $72,200 (Annual)
Net Operating Income $54,325 (Annual)
Actual or Proforma Year Proforma

Current Tenants

Tenant Business Name Studio Dance
Industry Type Arts, Entertainment, and Recreation
Is Renting? Yes
Annual Revenue $30,600 (Annual)
Suite Number 1
SF of Space Occupied 3,388 SF
Current Rent $2,550 PSF (Annual)
Lease Expiration 7/0023
Escalations 10% bump next July planned by owners
Tenant Business Name State Farm Insurance
Industry Type Finance and Insurance
Annual Revenue $21,600 (Annual)
Suite Number 2
SF of Space Occupied 2,200 SF
Tenant Notes Sale/lease back
Tenant Business Name Sugar Mama Waxing
Annual Revenue $21,600 (Annual)
Suite Number 3
SF of Space Occupied 2,420 SF
Current Rent $1,800 PSF (Annual)
Lease Expiration 7/0026

Additional Details

Nearest MSA: Johnson City
County: Washington
Tax ID/APN: 090 038I D 00500 000 2020
Retail Clientele: General, Family, Business, Traveler, Other
Property Visibility: Excellent
Largest Nearby Street: N Roan
Feet of Frontage: 100
Highway Access: Nearby I 26
Airports: Tri-Cities Airport
Site Description: flat, ample parking
Area Description: Johnson City, major Commercial MSA of the TriCities region, in East Tennessee
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 8,008 SF
Property Condition: Excellent
Year Built: 1973
Roof Type: Flat
Construction/Siding: Brick
Total Parking Spaces: 42
Parking Ratio: 14 (per 1000 SF)
Parking Type: Surface
Parking Description: surface, freshly sealed and stripped
Heat Type: Electricity
Heat Source: Central

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,119 45,901 84,343
Median Age: 49.53 39.52 39.16
Households: 3,406 19,901 36,000
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