Four-Unit Quadplex with
For Sale
$379,999
1-4-620 Cherry St, Bristol, TN 37620
Four one-bedroom residences include hardwood floors, individual kitchens and bathrooms, plus shared laundry facilities.
Property Size1,502 SF
Price / SF$252
Days on Market152
Property Features for 1-4-620 Cherry St
General Information
Standard status
Active
Size
1,502 SF
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Amenities
laundry room
parking
Listing Agency:
CENTURY 21 Legacy Fort Henry
(423) 213-3924
Listed By:
Tammy Childress · License #364452
(423) 213-3924
Source:
Exprealty
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 9:18PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Legacy Fort Henry
Investment Insights
Based on property information with market context.
This four-unit residential income property contains four one-bedroom, one-bath residences within approximately 1,502 square feet. Hardwood flooring extends through the living areas, while the kitchens and bathrooms use vinyl flooring. A shared laundry room near the foyer includes a washer and dryer, and parking is located behind the building.
The property sits in a historic residential area north of downtown Bristol, Tennessee, with proximity to Bristol, Virginia. Current renters have expressed interest in continuing their respective leases with new ownership. The property is offered as-is, where-is, with buyers and their agents responsible for verifying condition, dimensions, system functionality, and suitability for the intended use.
The property sits in a historic residential area north of downtown Bristol, Tennessee, with proximity to Bristol, Virginia. Current renters have expressed interest in continuing their respective leases with new ownership. The property is offered as-is, where-is, with buyers and their agents responsible for verifying condition, dimensions, system functionality, and suitability for the intended use.
Key Highlights
- Four‑unit residential income property with 1,502 square feet
- Four one‑bedroom, one‑bath units
- Hardwood flooring in living areas; vinyl flooring in kitchens and bathrooms
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
$11,207
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
2.95%
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%
$224,140
$224.1K
Cap Rate 7%
$160,100
$160.1K
Cap Rate 9%
$124,522
$124.5K
Market Conditions
NOI Build-Up for 1,502 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
$17.1K $11.40/SF
− Vacancy
−$1.1K −$0.74/SF
EGI
$16.0K $10.66/SF
− OpEx
−$4.8K −$3.20/SF
NOI
$11.2K $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%
$224,140
Cap Rate 7%
$160,100
Cap Rate 9%
$124,522
Alternative Uses
Best Use
Multifamily LT 5
$160.1K
$140.1K – $186.8K
NOI $11,207 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$149.9K
$131.2K – $174.9K
NOI $10,492 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$562.5K
$492.2K – $656.2K
NOI $39,373 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,190
Businesses Nearby
Explore this area
Business Placement
Demographics for 37620, TN
38,245
Population
18,119
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
128.2 sq mi
ZIP Area
298
Density / Sq Mi
$54,908
Median Household Income
$36,017
Median Earnings
$809
Median Rent
$175,500
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?
Quadplex - Four one-bedroom residences include hardwood floors, individual kitchens and bathrooms, plus shared laundry facilities.
Where is this quadplex located?
The property is located at 1-4-620 Cherry St Bristol, TN.
What is the asking price?
The asking price for this property is $379,999.
What are key features of this property?
This property features: Four‑unit residential income property with 1,502 square feet; Four one‑bedroom, one‑bath units; Hardwood flooring in living areas; vinyl flooring in kitchens and bathrooms
