Mixed-Use Building with
For Sale
$1,050,000
227 E Sullivan Street, Kingsport, TN 37660
COMMERCIAL - Kingsport, TN
Property Size8,600 SF
Lot Size0.10 Acres
Price / SF$122.09
Days on Market178
Property Features for 227 E Sullivan Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Subdivision
Not In Subdivision
Directions
From Johnson City, take I-26/US-23 N toward Kingsport for about 18-20 miles. Take Exit 7 for E Center St/E Stone Dr. Turn right onto E Center St, left on Broad St, then right onto E Sullivan St. 227 E Sullivan St will be on your right. Approx. 20-25 minutes.
Standard status
Active
APN
046i D 023.00
Size
8,600 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
3495
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Natural Gas
Cooling system
Ceiling Fan(s), Heat Pump
Water source
Public
Building Details
Year built
1917
Building materials
Brick
Roof type
Rubber
Listing Agency:
eXp Realty, LLC
(888) 519-5113
Listed By:
Matthew McCrory · License #347285
(423) 557-7839
Added: Feb 26
Changed: Aug 5
Last Checked: Aug 23 at 3:06PM
MLS# 9991607
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.
Located at 227 E Sullivan Street in Kingsport, this 8,600-square-foot mixed-use property contains 2 commercial storefronts and 4 residential apartments. The 1917 building has brick construction, a rubber roof, natural gas and heat-pump heating, heat-pump cooling, ceiling fans, public water, and public sewer. The property occupies 0.1 acres and is zoned B2.
The building sits along E Sullivan Street among restaurants, retail shops, professional offices, entertainment venues, financial institutions, boutiques, service businesses, and municipal offices. Nearby destinations identified in the property information include Model City Tap House, Main Street Pizza Company, The Mustard Seed Cafe, Kingsport Carousel & Park, and Kingsport Farmers Market. Its combination of commercial and residential space creates a varied occupancy configuration within an established business corridor.
The building sits along E Sullivan Street among restaurants, retail shops, professional offices, entertainment venues, financial institutions, boutiques, service businesses, and municipal offices. Nearby destinations identified in the property information include Model City Tap House, Main Street Pizza Company, The Mustard Seed Cafe, Kingsport Carousel & Park, and Kingsport Farmers Market. Its combination of commercial and residential space creates a varied occupancy configuration within an established business corridor.
Key Highlights
- 8,600‑square‑foot mixed‑use building on 0.1 acres
- 2 commercial storefronts and 4 residential apartments
- B2 zoning in Kingsport, TN
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
$75,465
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
7.19%
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%
$1,509,300
$1.5M
Cap Rate 7%
$1,078,071
$1.1M
Cap Rate 9%
$838,500
$838.5K
Market Conditions
NOI Build-Up for 8,600 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
$134.2K $15.60/SF
− Vacancy
−$13.4K −$1.56/SF
EGI
$120.7K $14.04/SF
− OpEx
−$45.3K −$5.27/SF
NOI
$75.5K $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%
$1,509,300
Cap Rate 7%
$1,078,071
Cap Rate 9%
$838,500
Alternative Uses
Best Use
Retail
$1.90M
$1.66M – $2.21M
NOI $132,875 @ 7.0% cap · market cap 12.65%
Second Best
Mixed Use
$1.08M
$943.3K – $1.26M
NOI $75,465 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,438 @ 7.0% cap · market cap 21.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,971
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 - Brick building combines commercial space with four apartments in a B2-zoned business corridor.
Where is this mixed-use property located?
The property is located at 227 E Sullivan Street 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: 8,600‑square‑foot mixed‑use building on 0.1 acres; 2 commercial storefronts and 4 residential apartments; B2 zoning in Kingsport, TN
