Assisted Living
New
For Sale
$3,500,000
100 Strickland Ct, Kingsport, TN 37660
Operating senior-care community with secured memory-care areas and assisted-living accommodations.
Property Size30,816 SF
Lot Size5.86 Acres
Price / SF$113.58
Days on Market2
Property Features for 100 Strickland Ct
General Information
Standard status
Active
Size
30,816 SF
Lot size
5.86 Acres
Property subtype
Assisted Living Care
Occupancy
83%
Financials
Asking Price
$3,500,000
Business Included
Yes
Opportunity Zone
Yes
Amenities
Memory care campus with assisted living. Three buildings, 42 rooms, 76 beds on 5.86 acres in Kingsport. Two buildings are secured memory care.
21 open beds. Filling them at today's rate card takes scheduled rent from $2.1 million to $3.7 million a year, inside the existing walls.
Private-pay residents are below the current rate card. Moving them to card adds $117,000 a year with no new admissions.
$3,500,000 asking, 79% of the county's 2025 tax appraisal of $4,444,400. $46,053 per bed.
Qualified Opportunity Zone through 2028. Hawkins County Census Tract 506.01.
Building Details
Building Size
30,816 SF
Year Built
2003
Buildings
3
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: Sep 20
Last Checked: Sep 20 at 2:19PM
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 Pat Cosgrove
Investment Insights
Based on property information with market context.
The Village at Allandale is a three-building senior-care campus totaling 30,816 square feet on 5.86 acres. Built in 2003 and 2010, the property includes 42 rooms configured for 76 beds and holds a state license for 78 residents. Virginia's Garden and Yesterday's Place provide secured memory care, while Margie's Meadow serves assisted living residents.
Located at 100 Strickland Court in Kingsport, Tennessee, the community is staffed, licensed, and operating. The August 2026 census reported 42 residents and 21 open beds. Seventeen residents participate in TennCare CHOICES, with the remaining residents identified as private pay. The campus is within a Qualified Opportunity Zone and is offered as a going business with its real estate. The state license does not transfer with the sale; the purchaser must apply under its own entity.
Located at 100 Strickland Court in Kingsport, Tennessee, the community is staffed, licensed, and operating. The August 2026 census reported 42 residents and 21 open beds. Seventeen residents participate in TennCare CHOICES, with the remaining residents identified as private pay. The campus is within a Qualified Opportunity Zone and is offered as a going business with its real estate. The state license does not transfer with the sale; the purchaser must apply under its own entity.
Key Highlights
- 30,816‑square‑foot senior‑care campus on 5.86 acres
- Three buildings constructed in 2003 and 2010
- 42 rooms configured as 76 beds
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
$215,263
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
6.15%
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%
$4,305,260
$4.3M
Cap Rate 7%
$3,075,186
$3.1M
Cap Rate 9%
$2,391,811
$2.4M
Market Conditions
NOI Build-Up for 30,816 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
$414.2K $13.44/SF
− Vacancy
−$22.8K −$0.74/SF
EGI
$391.4K $12.70/SF
− OpEx
−$176.1K −$5.72/SF
NOI
$215.3K $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%
$4,305,260
Cap Rate 7%
$3,075,186
Cap Rate 9%
$2,391,811
Alternative Uses
Best Use
Apartment 5plus
$3.08M
$2.69M – $3.59M
NOI $215,263 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.54M
$10.10M – $13.46M
NOI $807,803 @ 7.0% cap · market cap 23.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Under-served
Demand for This Use
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
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Similar Off Market Nearby
- Village At Allandale — 100 Strickland Ct, Kingsport, TN 37660
Frequently Asked Questions
What type of property is this?
Assisted living facility - Operating senior-care community with secured memory-care areas and assisted-living accommodations.
Where is this assisted living facility located?
The property is located at 100 Strickland Ct Kingsport, TN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 30,816‑square‑foot senior‑care campus on 5.86 acres; Three buildings constructed in 2003 and 2010; 42 rooms configured as 76 beds
