Historic Mixed-Use
For Sale
$495,000
300 E Sullivan Street, Kingsport, TN 37660
COMMERCIAL - Kingsport, TN
Property Size6,308 SF
Lot Size0.07 Acres
Price / SF$78.47
Days on Market192
Property Features for 300 E Sullivan Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Directions
Center Street to Sullivan Street
Subdivision
412 - Highland, Fairacres, Preston For
Standard status
Active
APN
046p D 018.00
Size
6,308 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
1198
Building Details
Year built
1920
Building materials
Brick
Listing Agency:
TCI Group - Jerry Petzoldt Agency, LLC
(423) 230-0255
Listed By:
Lynn Shipley · License #347057
(423) 612-4905
Added: Feb 5
Changed: Aug 4
Last Checked: Aug 16 at 8:06AM
MLS# 9990886
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.
Built in 1920, this two-story brick mixed-use building contains 6,308 square feet and combines residential planning with adaptable commercial space. The interior has been substantially opened up, while the current layout is being prepared for four loft apartments: two one-bedroom units and one two-bedroom unit upstairs, plus another two-bedroom unit on the main level. Approximately 1,400 square feet on the main floor remains open for retail, a café, or additional loft units. Construction plans are available for review.
Located in Downtown Kingsport at the corner of Sullivan and Cherokee Streets, the property is zoned B2. Building improvements completed from 2018 to 2020 included cleaning the brick exterior, replacing the roof, and installing new windows. City parking is available across the intersection.
Located in Downtown Kingsport at the corner of Sullivan and Cherokee Streets, the property is zoned B2. Building improvements completed from 2018 to 2020 included cleaning the brick exterior, replacing the roof, and installing new windows. City parking is available across the intersection.
Key Highlights
- 6,308‑square‑foot, two‑story mixed‑use building
- 0.07‑acre parcel at 300 E Sullivan Street, Kingsport, TN 37660
- B2 zoning in Downtown Kingsport
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
$44,064
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
8.90%
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%
$881,280
$881.3K
Cap Rate 7%
$629,486
$629.5K
Cap Rate 9%
$489,600
$489.6K
Market Conditions
NOI Build-Up for 6,308 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
$84.8K $13.44/SF
− Vacancy
−$4.7K −$0.74/SF
EGI
$80.1K $12.70/SF
− OpEx
−$36.1K −$5.72/SF
NOI
$44.1K $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%
$881,280
Cap Rate 7%
$629,486
Cap Rate 9%
$489,600
Alternative Uses
Best Use
Mixed Use
$790.8K
$691.9K – $922.6K
NOI $55,353 @ 7.0% cap · market cap 11.18%
Second Best
Multifamily LT 5
$672.4K
$588.3K – $784.4K
NOI $47,066 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,356 @ 7.0% cap · market cap 33.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,512
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story brick property with loft-apartment plans and flexible main-level commercial space.
Where is this mixed-use property located?
The property is located at 300 E Sullivan Street Kingsport, TN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 6,308‑square‑foot, two‑story mixed‑use building; 0.07‑acre parcel at 300 E Sullivan Street, Kingsport, TN 37660; B2 zoning in Downtown Kingsport
