Updated Ground-Floor Office
For Sale
$169,900
1028 East Center St, Kingsport, TN 37660
The suite includes renovated restrooms, new flooring, and a wall-mounted AC unit.
Property Size1,023 SF
Price / SF$166.08
Days on Market34
Property Features for 1028 East Center St
General Information
Standard status
Active
Size
1,023 SF
Building Details
Year Built
1930
Listing Agency:
A Team Real Estate Professionals
(423) 833-1444
Listed By:
Dave Smith · License #334591
Source:
Thecolinandcarlygroup
Added: Jul 29
Changed: Aug 30
Last Checked: Aug 30 at 8:06PM
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 A Team Real Estate Professionals
Investment Insights
Based on property information with market context.
This 1,023-square-foot office unit is positioned on the ground floor of a building constructed in 1930, providing stair-free access. Recent improvements include refreshed restrooms with new toilets and a vanity, new flooring throughout, and a new wall-mounted AC unit. Safety features include new smoke detectors and a certified fire extinguisher.
The property is located at 1028 East Center Street in downtown Kingsport, within a high-traffic area. Exterior signage is available on the building, supporting business identification from the street. The space is available immediately and offers an office configuration for professional or small-business use.
The property is located at 1028 East Center Street in downtown Kingsport, within a high-traffic area. Exterior signage is available on the building, supporting business identification from the street. The space is available immediately and offers an office configuration for professional or small-business use.
Key Highlights
- 1,023‑square‑foot ground‑floor office unit with no stairs
- Updated restrooms with new toilets and vanity
- New flooring installed throughout the space
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
$14,937
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
8.79%
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%
$298,740
$298.7K
Cap Rate 7%
$213,386
$213.4K
Cap Rate 9%
$165,967
$166.0K
Market Conditions
NOI Build-Up for 1,023 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
$25.5K $24.96/SF
− Vacancy
−$5.6K −$5.49/SF
EGI
$19.9K $19.47/SF
− OpEx
−$5.0K −$4.87/SF
NOI
$14.9K $14.60/SF
Area
Sullivan County, TN
Vacancy
22.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$298,740
Cap Rate 7%
$213,386
Cap Rate 9%
$165,967
Alternative Uses
Best Use
Office B
$213.4K
$186.7K – $249.0K
NOI $14,937 @ 7.0% cap · market cap 8.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$383.1K
$335.2K – $447.0K
NOI $26,817 @ 7.0% cap · market cap 15.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,206
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - The suite includes renovated restrooms, new flooring, and a wall-mounted AC unit.
Where is this office units located?
The property is located at 1028 East Center St Kingsport, TN.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 1,023‑square‑foot ground‑floor office unit with no stairs; Updated restrooms with new toilets and vanity; New flooring installed throughout the space
