229 Main AveErwin, TN 37650

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

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.

• 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

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

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