Two-Home Multifamily
For Sale
$200,000
1845 Park Street, Kingsport, TN 37664
Multi Family, Kingsport, TN
Property Size1,835 SF
Lot Size0.15 Acres
Price / SF$108.99
Days on Market52
Property Features for 1845 Park Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R 1B
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Dining Room, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2
Patio and Porch features
Porch
Interior features
Kitchen/Dining Combo
Fencing
Privacy
Subdivision
Highland Park Add
Elementary school
Lincoln
Middle school
Sevier
High school
Dobyns Bennett
Directions
From downtown Kingsport, traveling towards DB on W. Center St. go about 2.2 miles. Turn left on to Park St, continue on Park St. for about 0.3 miles. Property is located on the right. Turn right from Park St. onto Pierce St. and park in the designated parking spot located in front of 1849 Park St.
Standard status
Active
APN
046m L 023.00
Size
1,835 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
649
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Cooling system
Window Unit(s), Ceiling Fan(s)
Water source
Public
Building Details
Year built
1938
Floors in Building
1
Number of units
2
Flooring type
Laminate, Vinyl
Building materials
Vinyl Siding, Wood Siding, Plaster
Roof type
Metal, Shingle
Architectural style
Other
Additional Structures
Outbuilding
Listing Agency:
Southern Dwellings
(423) 343-4118
Listed By:
Kimberly Hall · License #368518
(423) 429-3744
Added: Aug 11
Changed: Sep 30
Last Checked: Oct 1 at 6:06PM
MLS# 9999417
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.
At 1845 Park Street, the property comprises two detached homes and a stone utility building on a 0.15-acre parcel. The front residence, built in 1938, contains 1,067 square feet with three bedrooms and one bathroom. The rear home was built in 1940 and offers 768 square feet, two bedrooms, and one bathroom. The 264-square-foot utility building dates to 1938. Both residences are vacant, and the property is being sold as-is.
The homes have public water and public sewer service. Their recorded features include porches, privacy fencing, radiant natural-gas heat, and window-unit cooling; the property also has ceiling fans. Zoning is R 1B.
The homes have public water and public sewer service. Their recorded features include porches, privacy fencing, radiant natural-gas heat, and window-unit cooling; the property also has ceiling fans. Zoning is R 1B.
Key Highlights
- Two detached residences on a 0.15‑acre parcel
- Front home: 1,067 square feet, 3 bedrooms, 1 bathroom; built in 1938
- Rear home: 768 square feet, 2 bedrooms, 1 bathroom; built in 1940
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
$12,818
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
6.41%
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%
$256,360
$256.4K
Cap Rate 7%
$183,114
$183.1K
Cap Rate 9%
$142,422
$142.4K
Market Conditions
NOI Build-Up for 1,835 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
$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 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%
$256,360
Cap Rate 7%
$183,114
Cap Rate 9%
$142,422
Alternative Uses
Best Use
Apartment 5plus
$183.1K
$160.2K – $213.6K
NOI $12,818 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$687.2K
$601.3K – $801.7K
NOI $48,102 @ 7.0% cap · market cap 24.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two detached residences occupy one parcel, with both homes currently vacant and available for showings.
Where is this multifamily property located?
The property is located at 1845 Park Street Kingsport, TN.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Two detached residences on a 0.15‑acre parcel; Front home: 1,067 square feet, 3 bedrooms, 1 bathroom; built in 1938; Rear home: 768 square feet, 2 bedrooms, 1 bathroom; built in 1940
