Individually Deeded Quadplex
For Sale
$2,195,000
Pending
1425-1405 Stratford Road, Kingsport, TN 37664
COMMERCIAL - Kingsport, TN
Property Size24,420 SF
Lot Size1.82 Acres
Days on Market210
Property Features for 1425-1405 Stratford Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3
Directions
From I26 W, exit 4 to merge onto TN-93 N. Take the TN-126/Memorial Blvd exit toward Blountville. Turn right onto TN-126/Memorial Blvd. Turn right onto Stratford Rd. GPS Friendly.
Subdivision
409 - Greenacres, Preston Woods
Standard status
Pending
APN
062p G 008.00
Size
24,420 SF
Lot size
1.82 Acres
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1979
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
The Addington Agency Bristol
(423) 845-5800
Listed By:
Garrett Addington · License #337697
(423) 646-1060
Added: Jan 30
Changed: Aug 4
Last Checked: Aug 28 at 4:06AM
MLS# 9990694
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.
Green Valley Manor is a multifamily portfolio consisting of six individually deeded quadplexes, totaling 24 two-bedroom, one-bath units. Each unit includes laundry hookups, a private balcony, and dedicated kitchen and dining space, along with spacious living areas. Units are individually metered. The property has undergone extensive exterior renovations, including a new roof, windows, and siding completed in 2019, and select units have received interior upgrades such as updated flooring, cabinetry, appliances, and finishes.
The offering is zoned R3 and includes 1.82 acres. Seven of the 24 units are intentionally held vacant due to current ownership operating under rent limitations tied to its funding structure, and those limitations are described as not carrying forward beyond honoring existing lease terms. The portfolio is positioned with direct access to Fort Henry Drive and Stone Drive, and it lists connectivity to major regional corridors including I-81 and I-26.
This is presented as a value-add opportunity for a new owner to lease vacant units and renew tenants at market rates, subject to existing lease terms. The property is for sale at a single portfolio price of $2,195,000, with the address listed as 1425-1405 Stratford Road, Kingsport, TN 37664.
The offering is zoned R3 and includes 1.82 acres. Seven of the 24 units are intentionally held vacant due to current ownership operating under rent limitations tied to its funding structure, and those limitations are described as not carrying forward beyond honoring existing lease terms. The portfolio is positioned with direct access to Fort Henry Drive and Stone Drive, and it lists connectivity to major regional corridors including I-81 and I-26.
This is presented as a value-add opportunity for a new owner to lease vacant units and renew tenants at market rates, subject to existing lease terms. The property is for sale at a single portfolio price of $2,195,000, with the address listed as 1425-1405 Stratford Road, Kingsport, TN 37664.
Key Highlights
- Immediate Value‑Add Opportunity: Seven vacant units provide immediate upside by leasing at market rates (pro forma rents $900-$950), significantly increasing NOI.
- Strong Cash Flow with Upside: Property currently generates a strong return with potential to achieve $180,000-$190,000 annual NOI through lease‑up and market‑rate renewals.
- Flexible Investment: Individually deeded quadplexes allow for selling individual buildings to offset capital or exploring alternative strategies like short‑term rentals.
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
$182,205
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
8.30%
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%
$3,644,100
$3.6M
Cap Rate 7%
$2,602,929
$2.6M
Cap Rate 9%
$2,024,500
$2.0M
Market Conditions
NOI Build-Up for 24,420 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
$278.4K $11.40/SF
− Vacancy
−$18.1K −$0.74/SF
EGI
$260.3K $10.66/SF
− OpEx
−$78.1K −$3.20/SF
NOI
$182.2K $7.46/SF
Area
Sullivan County, TN
Vacancy
6.50%
Lease Rate
$11.40 /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%
$3,644,100
Cap Rate 7%
$2,602,929
Cap Rate 9%
$2,024,500
Alternative Uses
Best Use
Multifamily LT 5
$2.60M
$2.28M – $3.04M
NOI $182,205 @ 7.0% cap · market cap 8.30%
Second Best
Apartment 5plus
$2.44M
$2.13M – $2.84M
NOI $170,584 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$9.14M
$8.00M – $10.67M
NOI $640,140 @ 7.0% cap · market cap 29.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
273
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Six individually deeded quadplexes totaling 24 units, with individually metered utilities and exterior renovations completed in 2019.
Where is this quadplex located?
The property is located at 1425-1405 Stratford Road Kingsport, TN.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: Immediate Value‑Add Opportunity: Seven vacant units provide immediate upside by leasing at market rates (pro forma rents $900-$950), significantly increasing NOI.; Strong Cash Flow with Upside: Property currently generates a strong return with potential to achieve $180,000-$190,000 annual NOI through lease‑up and market‑rate renewals.; Flexible Investment: Individually deeded quadplexes allow for selling individual buildings to offset capital or exploring alternative strategies like short‑term rentals.
