Two-Building Multifamily with Seven
For Sale
$425,000
4006 Memorial Boulevard, Kingsport, TN 37664
MULTI_FAMILY - Ranch - Kingsport, TN
Property Size4,045 SF
Lot Size1.28 Acres
Price / SF$105.07
Days on Market95
Property Features for 4006 Memorial Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
R 4
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 1, Bedroom 8, Bathroom 3, Bathroom 1, Bedroom 3, Bathroom 8, Basement, Bedroom 2, Bedroom 5, Bedroom 6, Bathroom 7, Bathroom 2, Bathroom 4, Bedroom 4, Bathroom 6, Bathroom 5, Bedroom 9, Bedroom 7, Bedroom 10
Basement
Block, Concrete, Exterior Entry
Appliances
Electric Range, Refrigerator
Subdivision
Not In Subdivision
Elementary school
Jefferson
Middle school
Robinson
High school
Dobyns Bennett
Directions
From the intersection of Hwy 93/John B Dennis Hwy and Hwy 126/Memorial Blvd, travel .6 miles east towards Cooks Valley. Apartments will be on your left, adjacent to Amy Avenue.
Standard status
Active
APN
062c E 017.00
Size
4,045 SF
Lot size
1.28 Acres
Taxes and HOA fees
Tax Annual Amount
1503
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Wall Furnace, Space Heater, Heat Pump (Heating)
Cooling system
Ceiling Fan(s), Heat Pump, Window Unit(s)
Water source
Public
Building Details
Year built
1947
Number of units
7
Flooring type
Vinyl, Hardwood, Laminate, Tile
Building materials
Brick, Concrete, Vinyl Siding, Plaster
Roof type
Metal
Architectural style
Ranch
Listing Agency:
CENTURY 21 Legacy Fort Henry · EXIT Realty
(423) 239-6112
Listed By:
Abigail Weaver · License #357811
(423) 335-3937
Added: May 7
Changed: Aug 7
Last Checked: Aug 9 at 5:06PM
MLS# 9995031
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 multifamily investment property includes two buildings and seven units, set up to generate immediate rental income at full capacity (8.7% cap rate). The ranch-style buildings sit on a 1.28-acre lot and total 4,045 square feet. Construction features brick with concrete, vinyl siding, and plaster, with a mix of laminate, vinyl, tile, and hardwood flooring.
The property includes an unfinished basement and a garage workshop, providing on-site storage for day-to-day property management. Roof updates include a 2-year-old metal roof on Building 2 and a 5-year-old metal roof on Building 1, along with some plumbing and electrical updates. Remodeling is in process in two vacant units, while current tenants have a good rental history.
Zoned R 4, the property is served by public water and public sewer, with natural gas available. Sale includes both parcels 062C E 017.00 and 062C E 018.00.
The property includes an unfinished basement and a garage workshop, providing on-site storage for day-to-day property management. Roof updates include a 2-year-old metal roof on Building 2 and a 5-year-old metal roof on Building 1, along with some plumbing and electrical updates. Remodeling is in process in two vacant units, while current tenants have a good rental history.
Zoned R 4, the property is served by public water and public sewer, with natural gas available. Sale includes both parcels 062C E 017.00 and 062C E 018.00.
Key Highlights
- Two buildings with seven units in a ranch‑style multifamily configuration
- At full capacity, property provides an 8.7% cap rate
- 1.28 acres with 4,045 SF under roof
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
$28,256
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
6.65%
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%
$565,120
$565.1K
Cap Rate 7%
$403,657
$403.7K
Cap Rate 9%
$313,956
$314.0K
Market Conditions
NOI Build-Up for 4,045 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
$54.4K $13.44/SF
− Vacancy
−$3.0K −$0.74/SF
EGI
$51.4K $12.70/SF
− OpEx
−$23.1K −$5.72/SF
NOI
$28.3K $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%
$565,120
Cap Rate 7%
$403,657
Cap Rate 9%
$313,956
Alternative Uses
Best Use
Apartment 5plus
$403.7K
$353.2K – $470.9K
NOI $28,256 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.33M – $1.77M
NOI $106,035 @ 7.0% cap · market cap 24.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
610
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?
Apartment building - R-4 zoned multifamily with two buildings, seven units, and metal roofs, with remodeling underway in two vacant units.
Where is this apartment building located?
The property is located at 4006 Memorial Boulevard Kingsport, TN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two buildings with seven units in a ranch‑style multifamily configuration; At full capacity, property provides an 8.7% cap rate; 1.28 acres with 4,045 SF under roof
