Industrial Flex Property with Multiple
For Sale
$699,000
5015 Memorial Boulevard, Kingsport, TN 37664
Former fence company site featuring three enclosed buildings and a three-sided structure on just over an acre.
Property Size9,046 SF
Price / SF$77.27
Days on Market545
Property Features for 5015 Memorial Boulevard
General Information
Standard status
Active
Size
9,046 SF
Property subtype
General Commercial
Amenities
Heat Pump
3
Metal
Building Details
Year Built
1986
Listing Agency:
(423) 817-7655
Listed By:
Byrd Home Team
(423) 817-7655
Source:
Xome
Added: Feb 27, 2025
Changed: Aug 12
Last Checked: Aug 25 at 5:21AM
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 Byrd Home Team
Investment Insights
Based on property information with market context.
This flex/industrial property was previously used as the Tri City Fence company site and includes three enclosed buildings plus one three-sided building. The property is situated on just over an acre and provides multiple structures for businesses that need separated space within one location.
The offering is presented as an opportunity for either a new business or an existing business seeking to change locations. With several buildings on-site, it may support operations that benefit from having different areas for day-to-day work.
The property configuration consists of enclosed and open-sided space under one ownership, allowing a tenant to choose how to utilize the available structures based on operational needs.
The offering is presented as an opportunity for either a new business or an existing business seeking to change locations. With several buildings on-site, it may support operations that benefit from having different areas for day-to-day work.
The property configuration consists of enclosed and open-sided space under one ownership, allowing a tenant to choose how to utilize the available structures based on operational needs.
Key Highlights
- Former fence company site with three enclosed buildings and one three‑sided building
- Just over 1 acre of space for business use
- Metal roof
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
$59,915
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
8.57%
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%
$1,198,300
$1.2M
Cap Rate 7%
$855,929
$855.9K
Cap Rate 9%
$665,722
$665.7K
Market Conditions
NOI Build-Up for 9,046 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
$90.1K $9.96/SF
− Vacancy
−$4.5K −$0.50/SF
EGI
$85.6K $9.46/SF
− OpEx
−$25.7K −$2.84/SF
NOI
$59.9K $6.62/SF
Area
Sullivan County, TN
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,198,300
Cap Rate 7%
$855,929
Cap Rate 9%
$665,722
Alternative Uses
Best Use
Flex RnD
$937.4K
$820.3K – $1.09M
NOI $65,620 @ 7.0% cap · market cap 9.39%
Second Best
Industrial
$855.9K
$748.9K – $998.6K
NOI $59,915 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$3.39M
$2.96M – $3.95M
NOI $237,130 @ 7.0% cap · market cap 33.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37664, TN
28,748
Population
13,914
Households
2.1
Avg Household Size
44
Median Age
34%
College-Educated
92%
High-School Grad
33.9 sq mi
ZIP Area
848
Density / Sq Mi
$61,164
Median Household Income
$37,047
Median Earnings
$817
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Former fence company site featuring three enclosed buildings and a three-sided structure on just over an acre.
Where is this flex space located?
The property is located at 5015 Memorial Boulevard Kingsport, TN.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Former fence company site with three enclosed buildings and one three‑sided building; Just over 1 acre of space for business use; Metal roof
