19-Unit Apartment
New
For Sale
$1,400,000
1778 Fort Henry Drive, Kingsport, TN 37664
Commercial Sale, Kingsport, TN
Property Size8,236 SF
Lot Size1.12 Acres
Price / SF$169.99
Days on Market1
Property Features for 1778 Fort Henry Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B 3
Parking
30
Directions
On I-81, Take exit 59 for TN-36 toward Kingsport for 0.2 mi. Follow TN-36 N/Fort Henry Dr to your destination 9 min (4.7 mi) 1778 Fort Henry Dr on the right.
Subdivision
413 - Downtown, Greenfields, Hillcrest
Standard status
Active
APN
061e H 00400 000
Size
8,236 SF
Lot size
1.12 Acres
Taxes and HOA fees
Tax Annual Amount
6084
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Baseboard
Cooling system
Central Air, Window Unit(s), Heat Pump
Water source
Public
Building Details
Year built
1969
Building materials
Aluminum Siding, Brick, Concrete
Roof type
Metal, Rubber, Shingle
Buildings
4
Listing Agency:
KW Johnson City · Keller Williams Realty
(423) 433-6500
Listed By:
Ryan McKinney · License #322580
(423) 773-1607
Added: Oct 26
Last Checked: Oct 26 at 5:06AM
MLS# 10002567
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.
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Investment Insights
Based on property information with market context.
This Kingsport apartment 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. Some units have kitchenettes, private bathrooms, luxury vinyl plank flooring, and updated finishes; furnishings convey. The operation combines weekly extended-stay rentals with longer-term residential accommodations, and ownership currently pays utilities. An owner-prepared scope identifies 11 unfinished units that could bring the total to 30, subject to verification and required approvals.
Sixteen of the 18 units in Buildings 1 and 2 were leased as of September 22, 2026; the residence was vacant. The assemblage spans four parcels, with approximately 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 and near Fort Henry Mall, shopping, dining, Eastman's Kingsport campus, and area hospitals.
Sixteen of the 18 units in Buildings 1 and 2 were leased as of September 22, 2026; the residence was vacant. The assemblage spans four parcels, with approximately 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 and 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
- Potential to complete 11 unfinished units, bringing the property to 30 units, subject to verification and approvals
- Sixteen of 18 units in Buildings 1 and 2 leased as of September 22, 2026; residence held vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,532
Cap Rate
4.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,150,640
$1.2M
Cap Rate 7%
$821,886
$821.9K
Cap Rate 9%
$639,244
$639.2K
Market Conditions
NOI Build-Up for 8,236 SF
Gross rent
$110.7K $13.44/SF
− Vacancy
−$6.1K −$0.74/SF
EGI
$104.6K $12.70/SF
− OpEx
−$47.1K −$5.72/SF
NOI
$57.5K $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 Rate 5%
$1,150,640
Cap Rate 7%
$821,886
Cap Rate 9%
$639,244
Alternative Uses
Best Use
Apartment 5plus
$821.9K
$719.2K – $958.9K
NOI $57,532 @ 7.0% cap · market cap 4.11%
Second Best
Hotel Hospitality
$737.7K
$645.5K – $860.7K
NOI $51,640 @ 7.0% cap · market cap 3.69%
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
669
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four buildings include furnished accommodations, a detached residence, and unfinished space identified for potential unit expansion.
Where is this apartment building located?
The property is located at 1778 Fort Henry Drive 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; Potential to complete 11 unfinished units, bringing the property to 30 units, subject to verification and approvals; Sixteen of 18 units in Buildings 1 and 2 leased as of September 22, 2026; residence held vacant
