5-Unit Apartment
For Sale
$800,000
1151 Ridgecrest Ave, Kingsport, TN 37665
All five residences are leased, including one located in the basement.
Property Size8,060 SF
Price / SF$99.26
Days on Market26
Property Features for 1151 Ridgecrest Ave
General Information
Standard status
Active
Size
8,060 SF
Property subtype
Unimproved Land
Occupancy
100%
Financials
Gross Income
$39,000
Average Monthly Rent
$650
Additional Details
Multifamily Units
5
Tenant in Place
Yes
Building Details
Year Built
1965
Listing Agency:
Red Realty, LLC
(615) 896-2733
Listed By:
Martha Durham · License #387853
(615) 801-5563
Source:
Victoryrealtytn
Added: Oct 9
Changed: Nov 3
Last Checked: Nov 3 at 2:47PM
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 Red Realty, LLC
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Investment Insights
Based on property information with market context.
Built in 1965, this apartment property contains five units, with one situated in the basement. All units are currently occupied. The roof is approximately 8 years old, and HVAC equipment varies in age, with most systems less than 5 years old.
The property is located at 1151 Ridgecrest Ave in Kingsport, Tennessee.
The property is located at 1151 Ridgecrest Ave in Kingsport, Tennessee.
Key Highlights
- Five apartment units, including one in the basement
- All five units are currently rented
- Roof is approximately 8 years old
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,303
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,126,060
$1.1M
Cap Rate 7%
$804,329
$804.3K
Cap Rate 9%
$625,589
$625.6K
Market Conditions
NOI Build-Up for 8,060 SF
Gross rent
$108.3K $13.44/SF
− Vacancy
−$6.0K −$0.74/SF
EGI
$102.4K $12.70/SF
− OpEx
−$46.1K −$5.72/SF
NOI
$56.3K $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 Rate 5%
$1,126,060
Cap Rate 7%
$804,329
Cap Rate 9%
$625,589
Alternative Uses
Best Use
Apartment 5plus
$804.3K
$703.8K – $938.4K
NOI $56,303 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,283 @ 7.0% cap · market cap 26.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 37665, TN
5,204
Population
2,397
Households
2.2
Avg Household Size
41
Median Age
14%
College-Educated
86%
High-School Grad
3.0 sq mi
ZIP Area
1,735
Density / Sq Mi
$46,565
Median Household Income
$30,167
Median Earnings
$937
Median Rent
$110,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - All five residences are leased, including one located in the basement.
Where is this apartment building located?
The property is located at 1151 Ridgecrest Ave Kingsport, TN.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Five apartment units, including one in the basement; All five units are currently rented; Roof is approximately 8 years old
