Mixed-Use Property with Renovation
For Sale
$1,400,000
1778 Fort Henry Dr, Kingsport, TN 37664
Four buildings combine an operating extended-stay and apartment business with unfinished units and a detached residence.
Property Size8,236 SF
Lot Size1.03 Acres
Price / SF$169.99
Days on Market9
Property Features for 1778 Fort Henry Dr
General Information
Standard status
Active
Size
8,236 SF
Total Parking Spaces
35
Lot size
1.03 Acres
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
17 x studio/one-bedroom, 1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
19
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Additional Details
Furnished
Yes
Asking Price
$1,400,000
Building Details
Buildings
4
Listing Agency:
KW Johnson City
(423) 433-6500
Listed By:
Ryan McKinney · License #322580
(423) 773-1607
Source:
Exprealty
Added: Oct 26
Changed: Nov 3
Last Checked: Nov 3 at 3:01PM
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 KW Johnson City
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Investment Insights
Based on property information with market context.
The property comprises four buildings and 19 existing units, including a detached three-bedroom, two-bath residence. The mix includes 17 studio or one-bedroom units and one two-bedroom, two-bath apartment. Select units have kitchenettes, private bathrooms, luxury vinyl plank flooring and updated finishes; furnishings convey. The operation includes weekly extended-stay and longer-term residential rentals. An owner-provided contractor scope addresses completion of 11 unfinished units, which could bring the total to 30, subject to verification and approvals.
The four-parcel assemblage covers approximately 1.03 acres, with about 100 feet of Fort Henry Drive frontage and 180 feet on Memorial Court. It has approximately 35 parking spaces and public water, sewer and electricity. Three parcels are identified as B-3 Highway Oriented Business, while the residence parcel is identified as R-3 Low Density Apartment. The property is 0.3 mile from the Fort Henry Drive and Memorial Boulevard intersection, near Fort Henry Mall, shopping, dining, Eastman's Kingsport campus and area hospitals.
The four-parcel assemblage covers approximately 1.03 acres, with about 100 feet of Fort Henry Drive frontage and 180 feet on Memorial Court. It has approximately 35 parking spaces and public water, sewer and electricity. Three parcels are identified as B-3 Highway Oriented Business, while the residence parcel is identified as R-3 Low Density Apartment. The property is 0.3 mile from the Fort Henry Drive and Memorial Boulevard intersection, near Fort Henry Mall, shopping, dining, Eastman's Kingsport campus and area hospitals.
Key Highlights
- 19 existing units across four buildings, including a detached three‑bedroom, two‑bath residence
- 11 unfinished units identified for potential completion, bringing the total to 30 units
- Four contiguous parcels totaling approximately 1.03 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,271
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,445,420
$1.4M
Cap Rate 7%
$1,032,443
$1.0M
Cap Rate 9%
$803,011
$803.0K
Market Conditions
NOI Build-Up for 8,236 SF
Gross rent
$128.5K $15.60/SF
− Vacancy
−$12.8K −$1.56/SF
EGI
$115.6K $14.04/SF
− OpEx
−$43.4K −$5.27/SF
NOI
$72.3K $8.77/SF
Area
Sullivan County, TN
Vacancy
10.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,445,420
Cap Rate 7%
$1,032,443
Cap Rate 9%
$803,011
Alternative Uses
Best Use
Mixed Use
$1.03M
$903.4K – $1.20M
NOI $72,271 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$821.9K
$719.2K – $958.9K
NOI $57,532 @ 7.0% cap · market cap 4.11%
Theoretical Best
Office A
$3.08M
$2.70M – $3.60M
NOI $215,897 @ 7.0% cap · market cap 15.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
19
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
634
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four buildings combine an operating extended-stay and apartment business with unfinished units and a detached residence.
Where is this mixed-use property located?
The property is located at 1778 Fort Henry Dr Kingsport, TN.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 19 existing units across four buildings, including a detached three‑bedroom, two‑bath residence; 11 unfinished units identified for potential completion, bringing the total to 30 units; Four contiguous parcels totaling approximately 1.03 acres
