Flex Space with Multiple
For Sale
$699,000
5015 Memorial Boulevard, Kingsport, TN 37664
Commercial Sale, Kingsport, TN
Property Size7,546 SF
Lot Size1.16 Acres
Price / SF$92.63
Days on Market317
Property Features for 5015 Memorial Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B4
Directions
Take Memorial Blvd. toward Indian Springs and property is on the right just after the cemetery.
Subdivision
411 - Airport, Fall Crk, Cooks Valley
Standard status
Active
APN
04ja 014.00
Size
7,546 SF
Lot size
1.16 Acres
Taxes and HOA fees
Tax Annual Amount
2513
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1986
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Copper Key Properties
(423) 343-9080
Listed By:
Lynn Byrd · License #TN 250985, VA 0225064241
(423) 817-7655
Added: Oct 31, 2025
Changed: Sep 10
Last Checked: Sep 12 at 3:06PM
MLS# 9987780
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 flex property comprises 7,546 square feet across three enclosed buildings and one three-sided structure. The improvements feature metal siding and metal roofing, with construction dating to 1986. Heating and cooling are provided by heat pump systems, and the site has public water service with septic wastewater infrastructure.
The property occupies 1.16 acres in Kingsport, Tennessee, within Sullivan County. B4 zoning supports its commercial positioning, while the combination of enclosed and open-sided improvements provides varied physical space for operations, storage, or business functions supported by the site configuration.
The property occupies 1.16 acres in Kingsport, Tennessee, within Sullivan County. B4 zoning supports its commercial positioning, while the combination of enclosed and open-sided improvements provides varied physical space for operations, storage, or business functions supported by the site configuration.
Key Highlights
- 7,546 square feet of total property size
- 1.16‑acre site in Kingsport, TN
- Three enclosed buildings plus one three‑sided structure
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
$54,739
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
7.83%
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%
$1,094,780
$1.1M
Cap Rate 7%
$781,986
$782.0K
Cap Rate 9%
$608,211
$608.2K
Market Conditions
NOI Build-Up for 7,546 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
$90.6K $12.00/SF
− Vacancy
−$6.3K −$0.84/SF
EGI
$84.2K $11.16/SF
− OpEx
−$29.5K −$3.91/SF
NOI
$54.7K $7.25/SF
Area
Sullivan County, TN
Vacancy
7.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,094,780
Cap Rate 7%
$781,986
Cap Rate 9%
$608,211
Alternative Uses
Best Use
Flex RnD
$782.0K
$684.2K – $912.3K
NOI $54,739 @ 7.0% cap · market cap 7.83%
Second Best
Industrial
$714.0K
$624.8K – $833.0K
NOI $49,980 @ 7.0% cap · market cap 7.15%
Theoretical Best
Office A
$2.83M
$2.47M – $3.30M
NOI $197,809 @ 7.0% cap · market cap 28.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Balanced
Demand for This Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - B4-zoned property includes enclosed and open-sided improvements for flexible commercial use.
Where is this flex space located?
The property is located at 5015 Memorial Boulevard Kingsport, TN.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 7,546 square feet of total property size; 1.16‑acre site in Kingsport, TN; Three enclosed buildings plus one three‑sided structure
