Remodeled Multifamily
For Sale
$399,900
1246 East Center Street Unit PT13, Kingsport, TN 37660
Two residences share one parcel, including a detached one-bedroom apartment with its own address and electric meter.
Property Size3,948 SF
Price / SF$101.29
Days on Market178
Property Features for 1246 East Center Street Unit PT13
General Information
Standard status
Active
Size
3,948 SF
Property subtype
Multi Family / Multi Family
Zoning
R1B
Units
Unit Mix
1 x 4BR/2.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Furnished
No
Taxes and HOA fees
Annual Taxes
$1,852
Amenities
Two, One
Ceiling Fan(s), Central Air, Heat Pump, Yes
Yes
Block, Dirt Floor
Luxury Vinyl
Dishwasher, Electric Range, Microwave, Refrigerator
Electric Dryer Hookup, Washer Hookup
Garage(s), Guest House
Granite Counters, Remodeled
Block
.00
Metal
Double Pane Windows, Single Pane Windows
Gravel
No
Central, Heat Pump
Vinyl Siding
Front Porch
Building Details
Year Built
1928
Buildings
2
Listing Agency:
Property Advisors
(404) 433-7371
Listed By:
Laura Meade · License #353048
(404) 433-7371
Source:
Compass
Added: Mar 6
Changed: Aug 30
Last Checked: Aug 30 at 11:38PM
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 Property Advisors
Investment Insights
Based on property information with market context.
This 3,948-square-foot multifamily property includes a remodeled main residence and a detached garage apartment on the same lot. The primary home offers four bedrooms, 2.5 baths, one-level living with the primary suite and laundry on the main floor, plus three upstairs bedrooms, a full bath, and a separate living area. The detached apartment provides one bedroom and one bath, with granite kitchen counters and a separately assigned address and electric meter.
Renovations include a new metal roof, vinyl siding, windows, plumbing, electrical systems, water heater, light fixtures, cabinets, and luxury vinyl flooring. The main home also features granite counters, stainless steel appliances, a custom primary-bath shower, central air, and heat pumps. The property is zoned R1B and was built in 1928.
Renovations include a new metal roof, vinyl siding, windows, plumbing, electrical systems, water heater, light fixtures, cabinets, and luxury vinyl flooring. The main home also features granite counters, stainless steel appliances, a custom primary-bath shower, central air, and heat pumps. The property is zoned R1B and was built in 1928.
Key Highlights
- 3,948 SF multifamily property with two residences on one lot
- Main residence has 4 bedrooms and 2.5 baths
- Detached garage apartment includes 1 bedroom and 1 bath
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?
Multifamily property - Two residences share one parcel, including a detached one-bedroom apartment with its own address and electric meter.
Where is this multifamily property located?
The property is located at 1246 East Center Street Unit PT13 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 SF multifamily property with two residences on one lot; Main residence has 4 bedrooms and 2.5 baths; Detached garage apartment includes 1 bedroom and 1 bath
