Mixed-Use Property Near Downtown
For Sale
Contact for pricing
227 E Sullivan St, Kingsport, TN 37660
Income-producing property with commercial and residential units in Kingsport, TN.
Property Size4,356 SF
Price / SF$241.05
Days on Market157
Property Features for 227 E Sullivan St
General Information
Standard status
Active
Size
4,356 SF
Class
B
Property subtype
Multifamily, Office, Retail
Occupancy
100%
Investment Type
Stabilized
Building Details
Buildings
1
Stories
2
Units
6
Listing Agency:
EXP Realty LLC
(423) 210-4155
Listed By:
Matt McCrory · License #347285
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 11 at 10:50AM
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 Realty LLC
Investment Insights
Based on property information with market context.
This income-producing mixed-use property features 2 commercial units and 4 residential units. It is located along E Sullivan Street near Model City Tap House, Main Street Pizza Company, The Mustard Seed Café, Kingsport Carousel & Park, and Kingsport Farmers Market. The property benefits from steady activity and strong visibility due to its location surrounded by established restaurants, retail shops, professional offices, and entertainment venues. The surrounding area includes local boutiques, service businesses, financial institutions, and municipal offices that support consistent traffic for both residential and commercial tenants. The property size is 4356 square feet.
Key Highlights
- Income‑producing property with 2 commercial and 4 residential units.
- Located on E Sullivan Street with high visibility and steady activity.
- Surrounded by established restaurants, retail shops, professional offices, and entertainment venues.
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
$38,224
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
3.64%
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%
$764,480
$764.5K
Cap Rate 7%
$546,057
$546.1K
Cap Rate 9%
$424,711
$424.7K
Market Conditions
NOI Build-Up for 4,356 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
$68.0K $15.60/SF
− Vacancy
−$6.8K −$1.56/SF
EGI
$61.2K $14.04/SF
− OpEx
−$22.9K −$5.27/SF
NOI
$38.2K $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%
$764,480
Cap Rate 7%
$546,057
Cap Rate 9%
$424,711
Alternative Uses
Best Use
Mixed Use
$546.1K
$477.8K – $637.1K
NOI $38,224 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$434.7K
$380.4K – $507.2K
NOI $30,429 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,187 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,342
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?
Mixed-use property - Income-producing property with commercial and residential units in Kingsport, TN.
Where is this mixed-use property located?
The property is located at 227 E Sullivan St Kingsport, TN.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Income‑producing property with 2 commercial and 4 residential units.; Located on E Sullivan Street with high visibility and steady activity.; Surrounded by established restaurants, retail shops, professional offices, and entertainment venues.
