Historic Riverfront Apartment
For Sale
$1,149,000
2000 Netherland Inn Road, Kingsport, TN 37660
COMMERCIAL - Kingsport, TN
Property Size10,034 SF
Lot Size0.60 Acres
Price / SF$114.51
Days on Market49
Property Features for 2000 Netherland Inn Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PVD
Directions
From I-81, take Exit 59A onto I-26 W/US-23 N toward Kingsport. Take Exit 1 (West Stone Dr), continue east, turn right onto Center St., then left onto Netherland Inn Rd. Continue approximately 1 mile. Property is on the right overlooking the Holston River.
Subdivision
401 - City/Northwest
Standard status
Active
APN
045k C 03300 000
Size
10,034 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Annual Amount
4148
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1937
Building materials
Brick
Roof type
Shingle
Listing Agency:
Wallace
(865) 321-1111
Listed By:
Daniel Shew · License #0225216304, 342411
(276) 274-5271
Added: Jun 29
Changed: Aug 4
Last Checked: Aug 16 at 7:06AM
MLS# 9997509
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.
This historic apartment building was originally constructed as Riverfront Hospital and has been updated while retaining its distinctive character. The property contains 10 residential units total, including eight 2-bedroom apartments and two 1-bedroom apartments. Major improvements have been completed, and approximately eight of the ten units were extensively renovated, with much of the original plumbing replaced during the renovation work. Many units also feature newer appliances, including washers and dryers in select apartments. Tenant utility responsibility is in place, with residents responsible for their own electric and water utilities.
The building is sited to overlook the Holston River and Riverfront Park, providing a riverfront setting with convenient access to downtown Kingsport amenities. The property consists of approximately 0.6 acres and is offered for sale.
For tenants and operators seeking a small multifamily structure with a mix of 1- and 2-bedroom layouts, the already-completed capital improvements and unit renovations are notable. The functional utility setup also clarifies operating responsibilities, with electric and water handled by tenants.
The building is sited to overlook the Holston River and Riverfront Park, providing a riverfront setting with convenient access to downtown Kingsport amenities. The property consists of approximately 0.6 acres and is offered for sale.
For tenants and operators seeking a small multifamily structure with a mix of 1- and 2-bedroom layouts, the already-completed capital improvements and unit renovations are notable. The functional utility setup also clarifies operating responsibilities, with electric and water handled by tenants.
Key Highlights
- Historic brick apartment building originally constructed as Riverfront Hospital (city’s first hospital), built in 1937
- 10 residential units: eight 2‑bedroom apartments and two 1‑bedroom apartments
- Approximately eight units extensively renovated; original plumbing replaced during renovations
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 - Income-focused multifamily asset with updated units and riverfront views near downtown Kingsport amenities.
Where is this apartment building located?
The property is located at 2000 Netherland Inn Road 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: Historic brick apartment building originally constructed as Riverfront Hospital (city’s first hospital), built in 1937; 10 residential units: eight 2‑bedroom apartments and two 1‑bedroom apartments; Approximately eight units extensively renovated; original plumbing replaced during renovations
