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Building Details

Year Built 1938

Buildings 3

Listing Agency: Remax Real Estate Ten Of Morristown

Listed By: The Freck Group, Shad Freck, Stephanie M Show Phone

Source: Livinginjohnsoncity

Added: Aug 13 Changed: Oct 15 Last Checked: Oct 14 at 11:18PM

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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 Remax Real Estate Ten Of Morristown

Investment Insights

Based on property information with market context.

This multifamily property consists of two detached residences on a single parcel at 1845 and 1849 Park St. in Kingsport. The front residence contains 1,067 square feet with two bedrooms and one bathroom and is occupied by a tenant. Built in 1938, it is accompanied by a rear residence constructed in 1940 that offers 768 square feet, two bedrooms, and one bathroom. The rear home is vacant and available for showing.

A separate 264-square-foot stone utility building sits between the residences and was built in 1938. The property has a history of long-term tenancy and is being sold as-is. The combined residential area is 1,835 square feet, with the two homes providing separate living spaces on the same parcel.

Key Highlights

• Two detached homes on one parcel at 1845 and 1849 Park St.
• Front home: 1,067 sqft, 2 beds, 1 bath; built in 1938
• Rear home: 768 sqft, 2 beds, 1 bath; built in 1940

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,818

Cap Rate

8.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$256,360 $256.4K

Cap Rate 7%

$183,114 $183.1K

Cap Rate 9%

$142,422 $142.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,835 SF

Gross rent

$24.7K $13.44/SF

− Vacancy

−$1.4K −$0.74/SF

EGI

$23.3K $12.70/SF

− OpEx

−$10.5K −$5.72/SF

NOI

$12.8K $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%

$256,360

Cap Rate 7%

$183,114

Cap Rate 9%

$142,422

Alternative Uses

Best Use

Apartment 5plus

$183.1K

$160.2K – $213.6K (±1% cap)

NOI $12,818 @ 7.0% cap · market cap 8.60%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$687.2K

$601.3K – $801.7K (±1% cap)

NOI $48,102 @ 7.0% cap · market cap 32.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Multifamily properties

Suggested Use

Top Pick Real Estate Agency Garden Center Daycare Center (Bike/Boat/Book/etc) Store Florist Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

683

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Two detached residences share one parcel, with one leased home and a second residence currently vacant.

Where is this multifamily property located?

The property is located at 1845 Park St Kingsport, TN.

What is the asking price?

The asking price for this property is $149,000.

What are key features of this property?

This property features: Two detached homes on one parcel at 1845 and 1849 Park St.; Front home: 1,067 sqft, 2 beds, 1 bath; built in 1938; Rear home: 768 sqft, 2 beds, 1 bath; built in 1940