229 Main AveErwin, TN 37650

  • Office properties
  • 20,227 SF
For Sale
$495,000 View listing

Property Details for 229 Main Ave

Year built
1920
Construction
WOOD
Lot size
175.00 AC
Property size (Sq ft)
20,227 SF
Zone code
B-3
Property type
Office properties
Property subtype
Other office properties
APN
086023N T 01900
APU
086023NT01900

Description

This exceptional 18,736 square foot commercial property, situated on a 0.83-acre lot at 229 S Main Avenue in the heart of Erwin, Tennessee, presents a unique investment opportunity. Originally a historic hotel, this Colonial-style building has undergone significant renovations over the years, most recently being updated for professional office use approximately 20 years ago. The main level boasts an attractive lobby with a reception area, multiple private offices, work cubicles, and restrooms. This layout is mirrored on the second floor, which also includes a spacious conference room, ideal for meetings and presentations. A fully finished basement adds further functionality, featuring a dedicated training room, a well-equipped kitchen, and additional restrooms. The building's versatile design allows for a wide range of commercial uses. Its central downtown location provides excellent visibility and accessibility, making it an attractive proposition for businesses seeking a prominent presence in Erwin. The property is zoned B3, offering flexibility for various commercial ventures. This is a rare chance to acquire a substantial, well-maintained commercial building with a rich history and significant potential in a thriving Tennessee town. The asking price is $495,000.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,906,466
    6.5%
    $3,605,968
    7%
    $3,348,399
  • Comparable approach

    Method
    Valuation
    Relative Method
    $1,665,289
    Geo Method
    $1,665,289
  • Alternative Use

    Use
    Valuation
    Residential
    $4,471,401
    Hospitality
    $4,095,779
    Educational
    $3,407,640
    Medical
    $3,524,834
    Retail
    $5,300,774
229 Main Ave, Erwin, Tennessee

Location Insight

City
Erwin
County
Unicoi
State
Tennessee
Latitude
36.1442
Longitude
-82.4183
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
-
$56,360
$220,360
$276,720
-
$140,900
$550,900
$691,800

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