Two-Home Multifamily
For Sale
$199,000
1138 Fairview Ave, Kingsport, TN 37660
Two separate residences provide flexible household arrangements and rental-use potential on one parcel.
Property Size2,580 SF
Price / SF$77.13
Days on Market9
Property Features for 1138 Fairview Ave
General Information
Standard status
Active
Size
2,580 SF
Property subtype
Multi-Family
Building Details
Year Built
1991
Buildings
2
Listing Agency:
Foundation Realty Group
Listed By:
The Freck Group, Shad Freck, Stephanie M
(423) 429-5214
Source:
Livinginjohnsoncity
Added: Sep 16
Changed: Sep 23
Last Checked: Sep 22 at 4:45PM
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 Foundation Realty Group
Investment Insights
Based on property information with market context.
This multifamily property includes two separate residences: an updated 3-bedroom, 2-bath double-wide and a 3-bedroom, 2-bath single-wide. The double-wide provides 1,680 square feet with an open layout, newer flooring, a new roof, new decks, double-pane windows, and an easy-maintenance yard. A new heat pump has been ordered for installation. The separate single-wide has new windows and is occupied by a tenant, creating an existing rental-use arrangement.
Built in 1991, the property is near Downtown Kingsport and falls within Kingsport City Schools. The two-home configuration supports multiple household arrangements, extended-family living, guest space, or rental use. The homes may also be considered for separate sale, subject to survey and subdivision of the property.
Built in 1991, the property is near Downtown Kingsport and falls within Kingsport City Schools. The two-home configuration supports multiple household arrangements, extended-family living, guest space, or rental use. The homes may also be considered for separate sale, subject to survey and subdivision of the property.
Key Highlights
- Two separate homes located on one parcel
- Updated 3‑bedroom, 2‑bath double‑wide with 1,680 square feet
- Double‑wide improvements include a new roof, flooring, decks, and double‑pane windows
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
$18,022
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
9.06%
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%
$360,440
$360.4K
Cap Rate 7%
$257,457
$257.5K
Cap Rate 9%
$200,244
$200.2K
Market Conditions
NOI Build-Up for 2,580 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
$34.7K $13.44/SF
− Vacancy
−$1.9K −$0.74/SF
EGI
$32.8K $12.70/SF
− OpEx
−$14.7K −$5.72/SF
NOI
$18.0K $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%
$360,440
Cap Rate 7%
$257,457
Cap Rate 9%
$200,244
Alternative Uses
Best Use
Apartment 5plus
$257.5K
$225.3K – $300.4K
NOI $18,022 @ 7.0% cap · market cap 9.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$966.2K
$845.4K – $1.13M
NOI $67,632 @ 7.0% cap · market cap 33.99%
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
147
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two separate residences provide flexible household arrangements and rental-use potential on one parcel.
Where is this multifamily property located?
The property is located at 1138 Fairview Ave Kingsport, TN.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two separate homes located on one parcel; Updated 3‑bedroom, 2‑bath double‑wide with 1,680 square feet; Double‑wide improvements include a new roof, flooring, decks, and double‑pane windows
