Updated Historic Apartment
For Sale
$1,149,000
2000 Netherland Inn Rd, Kingsport, TN 37660
Riverfront apartment property with renovated units, residential utility billing, and access to downtown Kingsport amenities.
Property Size10,034 SF
Price / SF$114.51
Days on Market45
Property Features for 2000 Netherland Inn Rd
General Information
Standard status
Active
Size
10,034 SF
Units
Unit Mix
8 x 2BR, 2 x 1BR
Multifamily Units
10
Listing Agency:
Wallace
(276) 274-5271
Listed By:
Daniel Shew · License #0225216304, 342411
(276) 274-5271
Source:
Exprealty
Added: Jun 29
Changed: Aug 10
Last Checked: Aug 11 at 10:58AM
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 Wallace
Investment Insights
Based on property information with market context.
This 10,034-square-foot apartment building contains 10 residential units, comprising eight two-bedroom apartments and two one-bedroom apartments. Originally constructed as Riverfront Hospital, the property retains historic character alongside substantial updates. Approximately eight units have undergone extensive renovation, with much of the original plumbing replaced and new appliances installed throughout many apartments. Washers and dryers are included in select units.
The building overlooks the Holston River and Riverfront Park at 2000 Netherland Inn Rd in Kingsport. Its riverfront setting places the property near downtown amenities, while tenants are responsible for their own electric and water utilities. Major capital improvements have been completed, supporting the property’s continued use as an income-producing apartment asset.
The building overlooks the Holston River and Riverfront Park at 2000 Netherland Inn Rd in Kingsport. Its riverfront setting places the property near downtown amenities, while tenants are responsible for their own electric and water utilities. Major capital improvements have been completed, supporting the property’s continued use as an income-producing apartment asset.
Key Highlights
- 10,034‑square‑foot apartment building at 2000 Netherland Inn Rd, Kingsport, TN
- 10 residential units: eight 2‑bedroom apartments and two 1‑bedroom apartments
- Approximately eight of the ten units extensively renovated
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
$70,092
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
6.10%
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%
$1,401,840
$1.4M
Cap Rate 7%
$1,001,314
$1.0M
Cap Rate 9%
$778,800
$778.8K
Market Conditions
NOI Build-Up for 10,034 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
$134.9K $13.44/SF
− Vacancy
−$7.4K −$0.74/SF
EGI
$127.4K $12.70/SF
− OpEx
−$57.3K −$5.72/SF
NOI
$70.1K $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%
$1,401,840
Cap Rate 7%
$1,001,314
Cap Rate 9%
$778,800
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$876.2K – $1.17M
NOI $70,092 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.76M
$3.29M – $4.38M
NOI $263,029 @ 7.0% cap · market cap 22.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
162
Businesses Nearby
Explore this area
Business Placement
Demographics for 37660, TN
39,479
Population
20,405
Households
1.9
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
65.7 sq mi
ZIP Area
601
Density / Sq Mi
$46,913
Median Household Income
$34,164
Median Earnings
$833
Median Rent
$177,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Riverfront apartment property with renovated units, residential utility billing, and access to downtown Kingsport amenities.
Where is this apartment building located?
The property is located at 2000 Netherland Inn Rd Kingsport, TN.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 10,034‑square‑foot apartment building at 2000 Netherland Inn Rd, Kingsport, TN; 10 residential units: eight 2‑bedroom apartments and two 1‑bedroom apartments; Approximately eight of the ten units extensively renovated
