Duplex with Two Detached
For Sale
$200,000
1845 Park Street, Kingsport, TN 37664
Multi Family, Kingsport, TN
Property Size1,835 SF
Lot Size0.15 Acres
Price / SF$108.99
Days on Market24
Property Features for 1845 Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R 1B
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 4, Dining Room, Bedroom 1, Bedroom 3, Bathroom 1
Patio and Porch features
Porch
Interior features
Kitchen/Dining Combo
Fencing
Privacy
Subdivision
Highland Park Add
Elementary school
Lincoln
Middle school
Sevier
High school
Dobyns Bennett
Directions
From downtown Kingsport, traveling towards DB on W. Center St. go about 2.2 miles. Turn left on to Park St, continue on Park St. for about 0.3 miles. Property is located on the right. Turn right from Park St. onto Pierce St. and park in the designated parking spot located in front of 1849 Park St.
Standard status
Active
APN
046m L 023.00
Size
1,835 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
649
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1938
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Laminate
Building materials
Vinyl Siding, Wood Siding, Plaster
Roof type
Metal, Shingle
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
Southern Dwellings
(423) 343-4118
Listed By:
Kimberly Hall · License #368518
(423) 429-3744
Added: Aug 11
Changed: Sep 3
Last Checked: Sep 3 at 11:06AM
MLS# 9999417
Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex classification covers two separate residences on a 0.15-acre parcel in Kingsport. The front home at 1845 Park Street contains 1,067 square feet with two bedrooms and one bathroom; it was built in 1938 and is occupied by a tenant. The rear residence at 1849 Park Street provides 768 square feet, two bedrooms, and one bathroom, dates to 1940, and is vacant for showings. Both homes include kitchen and dining areas, with vinyl or laminate flooring, porch space, privacy fencing, and a combination of radiant natural-gas heat and window-unit or ceiling-fan cooling. A 264-square-foot stone utility building sits between the residences. Public water and public sewer serve the property. The offering is sold as-is and is zoned R 1B.
Key Highlights
- Two detached homes on one 0.15‑acre parcel
- Front residence: 1,067 sqft, 2 beds, 1 bath; built in 1938
- Rear residence: 768 sqft, 2 beds, 1 bath; built in 1940
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,691
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$273,820
$273.8K
Cap Rate 7%
$195,586
$195.6K
Cap Rate 9%
$152,122
$152.1K
Market Conditions
NOI Build-Up for 1,835 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$20.9K $11.40/SF
− Vacancy
−$1.4K −$0.74/SF
EGI
$19.6K $10.66/SF
− OpEx
−$5.9K −$3.20/SF
NOI
$13.7K $7.46/SF
Area
Sullivan County, TN
Vacancy
6.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$273,820
Cap Rate 7%
$195,586
Cap Rate 9%
$152,122
Alternative Uses
Best Use
Multifamily LT 5
$195.6K
$171.1K – $228.2K
NOI $13,691 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$183.1K
$160.2K – $213.6K
NOI $12,818 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$687.2K
$601.3K – $801.7K
NOI $48,102 @ 7.0% cap · market cap 24.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
Explore this area
Business Placement
Demographics for 37664, TN
28,748
Population
13,914
Households
2.1
Avg Household Size
44
Median Age
34%
College-Educated
92%
High-School Grad
33.9 sq mi
ZIP Area
848
Density / Sq Mi
$61,164
Median Household Income
$37,047
Median Earnings
$817
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two detached homes share one parcel, with one tenant occupied and the second available to show.
Where is this duplex located?
The property is located at 1845 Park Street Kingsport, TN.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two detached homes on one 0.15‑acre parcel; Front residence: 1,067 sqft, 2 beds, 1 bath; built in 1938; Rear residence: 768 sqft, 2 beds, 1 bath; built in 1940
