Short-Term Rental Property with Detached
For Sale
$399,900
1246 E Center Street, Kingsport, TN 37660
Multi Family, Kingsport, TN
Property Size3,948 SF
Lot Size0.13 Acres
Price / SF$101.29
Days on Market173
Property Features for 1246 E Center Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R1B
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 2, Basement, Bathroom 4, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Window features
Single Pane Window(s), Double Pane Windows
Patio and Porch features
Porch
Interior features
Granite Counters, Remodeled
Basement
Block, Dirt Floor
Appliances
Dishwasher, Electric Range, Microwave, Refrigerator
Subdivision
City Of Kingsport
Elementary school
Lincoln
Middle school
Sevier
High school
Dobyns Bennett
Directions
Wilcox to Center Street, 2nd house on right
Standard status
Active
APN
046n J 010.00
Size
3,948 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
908
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Heat Pump (Heating)
Cooling system
Ceiling Fan(s), Central Air, Heat Pump
Water source
Public
Building Details
Year built
1928
Floors in Building
2
Number of units
10
Flooring type
Vinyl
Building materials
Vinyl Siding
Roof type
Metal
Architectural style
Craftsman, Bungalow
Additional Structures
Guest House
Listing Agency:
LPT Realty - Griffin Home Group
(423) 482-0743
Listed By:
Jim Griffin · License #310406
(423) 482-0743
Added: Mar 2
Changed: Aug 20
Last Checked: Aug 22 at 5:06PM
MLS# 9991985
Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
At 1246 E Center Street in Kingsport, this R1B-zoned property combines a remodeled primary residence with a detached garage apartment on a 0.13-acre lot. The main home contains 4 bedrooms, 2.5 bathrooms, and 3,948 square feet, with one-level living areas, a main-floor primary suite and laundry, plus additional upstairs bedrooms, a bathroom, and living space.
Renovations include a metal roof, vinyl siding, windows, plumbing, electrical, heat pumps, lighting, cabinetry, granite surfaces, stainless steel appliances, and vinyl flooring. The detached 1-bedroom, 1-bath apartment has a separate address and electric meter, along with a granite kitchen. Public water and sewer serve the property, and furnishings may be included. The home was built in 1928 and features Craftsman and bungalow architectural elements.
Renovations include a metal roof, vinyl siding, windows, plumbing, electrical, heat pumps, lighting, cabinetry, granite surfaces, stainless steel appliances, and vinyl flooring. The detached 1-bedroom, 1-bath apartment has a separate address and electric meter, along with a granite kitchen. Public water and sewer serve the property, and furnishings may be included. The home was built in 1928 and features Craftsman and bungalow architectural elements.
Key Highlights
- 3,948‑square‑foot remodeled primary residence with 4 bedrooms and 2.5 bathrooms
- Detached 1‑bedroom, 1‑bath garage apartment on the same 0.13‑acre lot
- Separate address and electric meter assigned to the detached apartment
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
$27,579
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
6.90%
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%
$551,580
$551.6K
Cap Rate 7%
$393,986
$394.0K
Cap Rate 9%
$306,433
$306.4K
Market Conditions
NOI Build-Up for 3,948 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
$53.1K $13.44/SF
− Vacancy
−$2.9K −$0.74/SF
EGI
$50.1K $12.70/SF
− OpEx
−$22.6K −$5.72/SF
NOI
$27.6K $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%
$551,580
Cap Rate 7%
$393,986
Cap Rate 9%
$306,433
Alternative Uses
Best Use
Apartment 5plus
$394.0K
$344.7K – $459.7K
NOI $27,579 @ 7.0% cap · market cap 6.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,492 @ 7.0% cap · market cap 25.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
462
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Remodeled two-structure setup includes a detached apartment with its own electric meter.
Where is this short term rental property located?
The property is located at 1246 E Center Street Kingsport, TN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 3,948‑square‑foot remodeled primary residence with 4 bedrooms and 2.5 bathrooms; Detached 1‑bedroom, 1‑bath garage apartment on the same 0.13‑acre lot; Separate address and electric meter assigned to the detached apartment
