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Roan Shopping Center

1805 North Roan Street, Johnson City, TN 37601


122,401 SF | Retail

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Retail Property - Off Market

Gross Leasable Area:
122,401 SF
Property Type:
Property Sub-type:
Strip Center
Additional Sub-types:
Street Retail
Retail (Other)
Neighborhood Center
Property Use Type:
Cap Rate:
No. Stories:
Year Built:
Lot Size:
15.01 AC
Listing ID
Last Updated
over 1 year ago


  • Good Location in Market, Easy Accessibility to Interstate 80
  • Excellent Investment Opportunity with Upside
  • Securitized Assumable Loan in Place
  • Johnson City is Part of the Tri-Cities Population Hub
  • Good Projected Leveraged Returns with Renewals
  •  % Primary Retail Corridor with Many National Tenants


Built in 1986 and partially renovated in 2000, the Roan Center is currently 88 percent occupied. Carmike Cinemas make up 36.6 percent of the center with 14 screens, and is the primary anchor tenant. The entry road to Carmike's provides a seemingly continual stream of cars that can see and access the entire length of stores and tenants in the center. Carmike's lease is through September 2023 with additional options to renew. Carmike's is one of the largest movie theatre chains by number of screens and theatres in the United States. In fact, more than 80 percent of it's theatres are in markets of less than 100,000 in population. Normally they are the only movie venues in town, as is the case here. There are several other strong national tenants in place as well, Sylvan Learning and Weight Watchers to name a few.

Priced at $9.625 million or a 10.78% cap rate, the property is offered at $78.63 per square foot. An assumable securitized loan is necessary to keep in place and makes for an 80 percent LTV, at a 6.81% interest rate on a 10-year term, 30-year amortization schedule. With the current rental levels and income in place, the property yields a 19.38% leveraged first year return.

Johnson City is at the 'Hub' of the Tri-Cities market, only 12 miles from the Tri-Cities Regional Airport, with easy access to Interstate 81 and other major routes. Also, the NASCAR venue, the famous Bristol Motor Speedway is nearby as well, bringing thousands of people to the area throughout the warmer months. The Johnson City/Bristol/Kingsport MSA population is growing and currently has more than 305,000 people.

Tennessee Broker of Record: Anne Williams

Map of 1805 North Roan Street, Johnson City, TN 37601 (Washington County)

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