Brick Restaurant
For Sale
$189,500
1916 Sherwood Road, Kingsport, TN 37664
Commercial Sale, Kingsport, TN
Property Size1,596 SF
Lot Size0.18 Acres
Price / SF$118.73
Days on Market628
Property Features for 1916 Sherwood Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Subdivision
Forest Lawn
Directions
Located at the intersection of Memorial Blvd. and Sherwood Rd. across the street from the former Big Lots.
Standard status
Active
APN
061l D 017.00
Size
1,596 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
1873
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1940
Building materials
Brick
Roof type
Composition, Asphalt
Listing Agency:
Bob Quillen Realtors
(423) 378-4511
Listed By:
Bob Quillen · License #11726
(423) 360-1000
Added: Dec 2, 2024
Changed: Aug 19
Last Checked: Aug 22 at 2:06PM
MLS# 9974008
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.
Brick restaurant building formerly associated with Nick’s Restaurant, offered together with the lot and sold as-is. The property totals 1,596 square feet and includes forced-air heating and wall unit cooling.
Utilities include cable availability, with public water and public sewer. The roof is asphalt/composition, and the building was constructed in 1940.
Zoned for commercial use, this compact retail and restaurant space is well suited for an operator looking for an existing building and lot configuration in Kingsport.
Utilities include cable availability, with public water and public sewer. The roof is asphalt/composition, and the building was constructed in 1940.
Zoned for commercial use, this compact retail and restaurant space is well suited for an operator looking for an existing building and lot configuration in Kingsport.
Key Highlights
- Former Nicks Restaurant location sold as‑is with the building and lot
- Brick construction with asphalt/composition roof
- 1,596 SF building with forced‑air heating and wall unit cooling
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
$16,878
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
8.91%
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%
$337,560
$337.6K
Cap Rate 7%
$241,114
$241.1K
Cap Rate 9%
$187,533
$187.5K
Market Conditions
NOI Build-Up for 1,596 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
$23.9K $15.00/SF
− Vacancy
−$1.4K −$0.90/SF
EGI
$22.5K $14.10/SF
− OpEx
−$5.6K −$3.53/SF
NOI
$16.9K $10.58/SF
Area
Sullivan County, TN
Vacancy
6.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$337,560
Cap Rate 7%
$241,114
Cap Rate 9%
$187,533
Alternative Uses
Best Use
Specialty Retail
$241.1K
$211.0K – $281.3K
NOI $16,878 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$597.7K
$523.0K – $697.3K
NOI $41,837 @ 7.0% cap · market cap 22.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Under-served
Demand for This Use
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Ming Garden Chinese Restaurant — 1207 N Eastman Rd, Kingsport, TN 37664
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Brick restaurant building on a 0.18-acre lot with public utilities and forced-air heating.
Where is this conventional restaurant located?
The property is located at 1916 Sherwood Road Kingsport, TN.
What is the asking price?
The asking price for this property is $189,500.
What are key features of this property?
This property features: Former Nicks Restaurant location sold as‑is with the building and lot; Brick construction with asphalt/composition roof; 1,596 SF building with forced‑air heating and wall unit cooling
