Freestanding Medical Office
For Sale
Contact for pricing
1653 E Stone Dr, Kingsport, TN 37660
1999-built freestanding medical office is leased to Aspen Dental under a new 5-year net-net structure with renewal options.
Property Size3,995 SF
Lot Size0.53 Acres
Price / SF$480.60
Days on Market151
Property Features for 1653 E Stone Dr
General Information
Standard status
Active
Size
3,995 SF
Lot size
0.53 Acres
Property subtype
OFFICE
Additional Details
Cap Rate
6.25%
Building Details
Year Built
1999
Tenancy
Single
Listing Agency:
TCI Group-Jerry Petzoldt Agency LLC
(423) 956-5707
Listed By:
Glenn A. Perkins · License #0225224327
(423) 956-5707
Source:
Moodyscre
Added: Mar 2
Changed: Jul 26
Last Checked: Jul 31 at 5:20AM
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 TCI Group-Jerry Petzoldt Agency LLC
Investment Insights
Based on property information with market context.
TCI Group presents the fee simple interest in a freestanding Aspen Dental corporate net-net lease investment. The property is a 3,995-square-foot medical office building constructed in 1999 to Aspen Dental’s operational specifications and has been continuously leased to Aspen Dental since construction. The current tenant executed a new 5-year corporate NN lease commencing January 1, 2026.
The building is positioned along the East Stone Drive retail corridor in Kingsport, Tennessee. The site includes approximately 0.53 acres and approximately 11,000 square feet of paved parking designed for patient access and visibility.
The new lease includes two additional 5-year renewal options, each featuring 9.26% rental increases. Per the offering materials, the investment is structured to provide annual Net Operating Income of $120,000 with minimal landlord responsibilities under the NN lease format. Owner financing is available, subject to qualification, with potential terms including 50% down, 5% interest, 25-year amortization, and a 5-year balloon payment. Contact the broker for details and requirements.
The building is positioned along the East Stone Drive retail corridor in Kingsport, Tennessee. The site includes approximately 0.53 acres and approximately 11,000 square feet of paved parking designed for patient access and visibility.
The new lease includes two additional 5-year renewal options, each featuring 9.26% rental increases. Per the offering materials, the investment is structured to provide annual Net Operating Income of $120,000 with minimal landlord responsibilities under the NN lease format. Owner financing is available, subject to qualification, with potential terms including 50% down, 5% interest, 25-year amortization, and a 5-year balloon payment. Contact the broker for details and requirements.
Key Highlights
- Fee simple Aspen Dental corporate net‑lease investment with 6.25% capitalization rate
- 3,995 SF freestanding medical office built in 1999 to Aspen Dental specifications and continuously leased since construction
- New 5‑year net‑net (NN) lease runs 1/1/2026–12/31/2030 with Aspen Dental Management, Inc. as tenant
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.7k | $24.96 |
| − Vacancy | −$21.9k | −$5.49 |
| EGI | $77.8k | $19.47 |
| − OpEx | −$19.4k | −$4.87 |
| NOI | $58.3k | $14.60 |
3,995 SF · lease $24.96/SF/yr · vacancy 22.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$833.3K
$729.2K – $972.2K
NOI $58,333 @ 7.0% cap · market cap 3.04%
Second Best
Healthcare Medical
$658.0K
$575.7K – $767.6K
NOI $46,058 @ 7.0% cap · market cap 2.40%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,724 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
Under-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 1999-built freestanding medical office is leased to Aspen Dental under a new 5-year net-net structure with renewal options.
Where is this medical office space located?
The property is located at 1653 E Stone Dr Kingsport, TN.
What is the asking price?
The asking price for this property is $1,920,000.
What are key features of this property?
This property features: Fee simple Aspen Dental corporate net‑lease investment with 6.25% capitalization rate; 3,995 SF freestanding medical office built in 1999 to Aspen Dental specifications and continuously leased since construction; New 5‑year net‑net (NN) lease runs 1/1/2026–12/31/2030 with Aspen Dental Management, Inc. as tenant
