$1,600,000
Johnson City, TN 37604
MLS# 9990357
10991 sqft
1 / 36
Property Description
Passive income or owner operator! This portfolio consists of 8 units of multifamily being rented out at $1250 per month, two bed, one bath, in newly renovated units, as well as adjacent Commercial building with new roof and renovated exterior. Proforma NOI with Commercial space at $10/NNN will be $164,936. The Old Norris Bicycle building, and adjacent quadplexes are being sold together ONLY! This is your opportunity to diversity your investments with a commercial piece, or put your business into a 4748 sq ft Commercial space all your own, and keep the apartments as rentals. Subdividing of apartments from new condos is underway, and will put the 8 units on approximately one acre of their own land, more or less, with large back yard area. Massive renovations have taken place, and apartments are being re-filled at this time, so see agent for newest and latest rent roll as apartments are completed. Gross income is based on only half of the units filled, as the final 4 are being finished up. Proforma gross income will be $164,936 per year. Lending would be based on proforma at this time. Units do have washer dryer hook up in each unit. Apartments have been completely renovated throughout the exterior, including siding, roof, plumbing, damaged walls, new kitchens, and brand new and beautiful decking. Location is prime, central to town, near shopping and schools, and will remain a conveniently located and beautiful corridor for years to come! Details available upon request from qualified buyers; all info to be verified by buyers/buyers agent. R# 1886
Details
Maps
Location, Tax & Legal Info
Lot #: 1
Parcel ID: 046i E 013.00
Deed Book #: 901
Deed Page #: 1278
City Taxes: 818.83
County Taxes: 1015.74
Contract Info
List Price/SqFt: 899.89
Foreclosure: No
Short Sale: No
Auction: No
Status: Active
Listing Price: 1600000
Current Price: $1,600,000
Listing Date: 2026-01-20
General Property Description
Lot Dimensions: 58000
Acres: 1.3
Zoning: B1
# Buildings: 3
Elementary School: Woodland Elementary
# of Units: 9
Middle School: Liberty Bell
Total Units: 9
High School: Science Hill
Stories: 2
# Fireplaces: 0
HOA Y/N: No
Home Warranty: No
Property Sub-Type: Quadruplex
Year Built: 1965
Total SqFt: 10991
Remarks & Misc
Public Remarks: Passive income or owner operator! This portfolio consists of 8 units of multifamily being rented out at $1250 per month, two bed, one bath, in newly renovated units, as well as adjacent Commercial building with new roof and renovated exterior. Proforma NOI with Commercial space at $10/NNN will be $164,936.
The Old Norris Bicycle building, and adjacent quadplexes are being sold together ONLY!
This is your opportunity to diversity your investments with a commercial piece, or put your business into a 4748 sq ft Commercial space all your own, and keep the apartments as rentals.
Subdividing of apartments from new condos is underway, and will put the 8 units on approximately one acre of their own land, more or less, with large back yard area.
Massive renovations have taken place, and apartments are being re-filled at this time, so see agent for newest and latest rent roll as apartments are completed. Gross income is based on only half of the units filled, as the final 4 are being finished up. Proforma gross income will be $164,936 per year. Lending would be based on proforma at this time. Units do have washer dryer hook up in each unit.
Apartments have been completely renovated throughout the exterior, including siding, roof, plumbing, damaged walls, new kitchens, and brand new and beautiful decking.
Location is prime, central to town, near shopping and schools, and will remain a conveniently located and beautiful corridor for years to come!
Details available upon request from qualified buyers; all info to be verified by buyers/buyers agent. R# 1886
Directions: Corner of Pactolas and Knob Creek Road in Johnson City, between Sunset and State of Franklin. Property is commercial 4748 sq ft commercial space, and 8 next door apartments.
Property Condition
Above Average: 1
Under Construction: 1
Updated/Remodeled: 1
Income and Expenses
Annual Operating Expenses: 49600
Vacancy Rate %: 12.5
Net Annual Income: 115336
Gross Annual Income: 164936
Exterior Finish
Brick: 1
Vinyl Siding: 1
Unit 1
# Units: 4
# Bedrooms: 8
# Bathrooms: 4
SqFt: 3072
Monthly Rent: 5000
Unit 2
# Units: 4
# Bedrooms: 8
# Bathrooms: 4
SqFt: 3072
Monthly Rent: 4600
Style
See Remarks: 1
Unit 3
# Units: 1
# Bathrooms: 3
SqFt: 4847
Levels
Bi-Level: 1
Unit 4
# Units: 1
Window Features
Double Pane Windows: 1
Interior Features
Kitchen/Dining Combo: 1
Restored: 1
Amenities
Landscaping: 1
Heating
Central: 1
Info Available
Floor Plan: 1
Plat: 1
Rental Rolls: 1
AC
Ceiling Fan(s): 1
Central Air: 1
Water
Public: 1
Sewer
Public Sewer: 1
Topography/Lot Description
Level: 1
Flooring
Carpet: 1
Laminate: 1
Other: 1
Easements
Other: 1
Parking Features
Asphalt: 1
Walls
Drywall: 1
Paneling: 1
Foundation
Block: 1
Structure Type
Quadruplex: 1
Location Tax Legal Info
Street #: 1412
Street Name: Knob Creek
St Suffix: Road
County: Washington
State/Province: TN
Zip Code: 37604
Property Features
Property Condition: Above Average; Under Construction; Updated/Remodeled
Style: See Remarks
Levels: Bi-Level
Exterior Finish: Brick; Vinyl Siding
Amenities: Landscaping
Interior Features: Kitchen/Dining Combo; Restored
Flooring: Carpet; Laminate; Other
Parking Features: Asphalt
Heating: Central
Water: Public
Window Features: Double Pane Windows
Sewer: Public Sewer
Foundation: Block
AC: Ceiling Fan(s); Central Air
Structure Type: Quadruplex
Walls: Drywall; Paneling
Info Available: Floor Plan; Plat; Rental Rolls
Easements: Other
Listing Office: REMAX Checkmate, Inc. Realtors
Last Updated: February - 12 - 2026
Information deemed reliable but not guaranteed.