Brick Apartment Building with Rear Deck
For Sale
$500,000
Pending
2008 Bloomingdale Road, Kingsport, TN 37660
Multi Family, Kingsport, TN
Property Size5,100 SF
Lot Size0.27 Acres
Days on Market199
Property Features for 2008 Bloomingdale Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R 1
Bedrooms
12
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 9, Bedroom 10, Bedroom 12, Bedroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 1, Bedroom 2, Bedroom 11, Bathroom 2
Patio and Porch features
Porch
Basement
Crawl Space
Elementary school
Ketron
Middle school
Sullivan Heights Middle
High school
West Ridge
Directions
From Bristol to Kingsport Turn onto US-11WS, Turn Right onto Ollis Bowers Hill Road, Turn Left onto Bloomingdale Road 5.7 miles, Arrive at 2008 Bloomingdale Road on Right.
Standard status
Pending
APN
031h A 00600 000
Size
5,100 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Annual Amount
2151
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1972
Floors in Building
2
Number of units
6
Flooring type
Carpet, Vinyl
Building materials
Brick
Roof type
Shingle
Architectural style
Other
Listing Agency:
A Team Real Estate Professionals
(423) 726-2260
Listed By:
Dave Smith · License #334591
(423) 833-1444
Added: Feb 13
Changed: Aug 19
Last Checked: Aug 31 at 7:06AM
MLS# 9991166
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 six-unit apartment building was built in 1972 and totals approximately 5,096 square feet. The units share an identical layout with galley kitchens and rear deck access, main-level living space, and an upstairs configuration with two bedrooms and a full hallway bath. The exterior is brick in good condition and the roof is an architectural shingle.
Heating and cooling are provided by heat pump systems, and hot water heaters vary in age but are operational. Flooring varies by unit with carpet and LVP, and bathrooms are functional in all units except Unit 1, which requires a full renovation in the tub/shower and is currently non-operational. The building has separate electric and water meters for all units, and the property is served by public water and a septic tank.
The offering includes parcels 031H A 010.00 and 031H A 006.00.
Heating and cooling are provided by heat pump systems, and hot water heaters vary in age but are operational. Flooring varies by unit with carpet and LVP, and bathrooms are functional in all units except Unit 1, which requires a full renovation in the tub/shower and is currently non-operational. The building has separate electric and water meters for all units, and the property is served by public water and a septic tank.
The offering includes parcels 031H A 010.00 and 031H A 006.00.
Key Highlights
- Six‑unit apartment building built in 1972 with approximately 5,096 SF total
- Brick exterior in good condition and architectural shingle roof
- Identical unit layouts include galley kitchen with rear deck access
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
$35,626
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
7.13%
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%
$712,520
$712.5K
Cap Rate 7%
$508,943
$508.9K
Cap Rate 9%
$395,844
$395.8K
Market Conditions
NOI Build-Up for 5,100 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
$68.5K $13.44/SF
− Vacancy
−$3.8K −$0.74/SF
EGI
$64.8K $12.70/SF
− OpEx
−$29.1K −$5.72/SF
NOI
$35.6K $6.99/SF
Area
Sullivan County, TN
Vacancy
5.50%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
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%
$712,520
Cap Rate 7%
$508,943
Cap Rate 9%
$395,844
Alternative Uses
Best Use
Apartment 5plus
$508.9K
$445.3K – $593.8K
NOI $35,626 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,690 @ 7.0% cap · market cap 26.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 37660, TN
39,479
Population
20,405
Households
1.9
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
65.7 sq mi
ZIP Area
601
Density / Sq Mi
$46,913
Median Household Income
$34,164
Median Earnings
$833
Median Rent
$177,800
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?
Apartment building - Six-unit apartment building on 0.27 acres with brick exterior, shingle roof, and rear deck access.
Where is this apartment building located?
The property is located at 2008 Bloomingdale Road Kingsport, TN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Six‑unit apartment building built in 1972 with approximately 5,096 SF total; Brick exterior in good condition and architectural shingle roof; Identical unit layouts include galley kitchen with rear deck access
