Fully Leased Historic Retail
For Sale
Contact for pricing
217 Broad St., Kingsport, TN 37660
Street-level retail on the first floor is fully occupied by six tenants in a renovated 1920 structure.
Property Size4,621 SF
Price / SF$133.95
Days on Market48
Property Features for 217 Broad St.
General Information
Standard status
Active
Size
4,621 SF
Class
B
Property subtype
Retail, Hospitality, Mixed Use
Zoning
Central Business District (CBD)
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
1920
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Listing Agency:
EXP Commercial
(214) 718-7079
Listed By:
Carson Jones · License #382989
Source:
Crexi
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 24 at 8:51AM
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 EXP Commercial
Investment Insights
Based on property information with market context.
Situated at 217 Broad St. in the historic core of Downtown Kingsport, this renovated 1920 building offers stabilized, fully leased commercial space with street-level retail on the first floor. Approximately 4,621 square feet of storefront space is 100% occupied by six established tenants, supported by a tenant mix that spans retail, personal service, wellness, and e-commerce.
The second and third floors are occupied by high-end residential lofts above the storefronts, providing a mixed-use configuration within the revitalized Broad Street corridor.
With the property fully occupied and income-producing from the first month of ownership, it is structured as a low-friction acquisition for investors, including those considering a 1031 exchange replacement. Rent roll and full financials are available upon execution of a confidentiality agreement (NDA). Buyers should consult their qualified intermediary and tax advisor regarding 1031 requirements.
The second and third floors are occupied by high-end residential lofts above the storefronts, providing a mixed-use configuration within the revitalized Broad Street corridor.
With the property fully occupied and income-producing from the first month of ownership, it is structured as a low-friction acquisition for investors, including those considering a 1031 exchange replacement. Rent roll and full financials are available upon execution of a confidentiality agreement (NDA). Buyers should consult their qualified intermediary and tax advisor regarding 1031 requirements.
Key Highlights
- First‑floor street‑level commercial space totals ±4,621 SF and is fully occupied by six established tenants.
- Renovated 1920 building with stabilized, fully leased income‑producing street‑level retail.
- Second and third floors are occupied by residential lofts above the storefronts.
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
$40,549
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
6.55%
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%
$810,980
$811.0K
Cap Rate 7%
$579,271
$579.3K
Cap Rate 9%
$450,544
$450.5K
Market Conditions
NOI Build-Up for 4,621 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
$72.1K $15.60/SF
− Vacancy
−$7.2K −$1.56/SF
EGI
$64.9K $14.04/SF
− OpEx
−$24.3K −$5.27/SF
NOI
$40.5K $8.77/SF
Area
Sullivan County, TN
Vacancy
10.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$810,980
Cap Rate 7%
$579,271
Cap Rate 9%
$450,544
Alternative Uses
Best Use
Retail
$1.02M
$892.5K – $1.19M
NOI $71,397 @ 7.0% cap · market cap 11.53%
Second Best
Mixed Use
$579.3K
$506.9K – $675.8K
NOI $40,549 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,134 @ 7.0% cap · market cap 19.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,960
Businesses Nearby
Balanced
Demand for This Use
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Street-level retail on the first floor is fully occupied by six tenants in a renovated 1920 structure.
Where is this storefront property located?
The property is located at 217 Broad St. Kingsport, TN.
What is the asking price?
The asking price for this property is $619,000.
What are key features of this property?
This property features: First‑floor street‑level commercial space totals ±4,621 SF and is fully occupied by six established tenants.; Renovated 1920 building with stabilized, fully leased income‑producing street‑level retail.; Second and third floors are occupied by residential lofts above the storefronts.
