Live-Work Space with Parkway
New
For Sale
$245,000
2537 Sullivan Gardens Parkway, Kingsport, TN 37660
Commercial Sale, Kingsport, TN
Property Size1,475 SF
Lot Size0.24 Acres
Price / SF$166.10
Days on Market1
Property Features for 2537 Sullivan Gardens Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
B 1
Subdivision
Vernon Heights
Directions
From I26, take wither exit 4 or 4A (depending on which direction you are coming from). Turn on Sullivan Gardens Parkway and home will be on the left.
Standard status
Active
APN
091a E 04500 000
Size
1,475 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
583
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central
Cooling system
Heat Pump, Central Air
Water source
Public
Amenities
open-concept main area
three separate rooms
two full baths
dedicated utility room
brick storage shed
Building Details
Year built
2026
Building materials
Vinyl Siding
Roof type
Shingle
Listing Agency:
Fathom Realty
(888) 455-6040
Listed By:
Kelly Johnson · License #358306
(423) 765-8848
Added: Sep 12
Last Checked: Sep 12 at 3:06PM
MLS# 10000833
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 live-work property includes a 2026 manufactured home with 1,475 square feet of open, adaptable space. The interior provides a main area, three separate rooms, two full baths, and a dedicated utility room. A brick storage shed adds supporting space for inventory, equipment, or supplies. The structure is under construction and includes vinyl siding, a shingle roof, heat-pump heating and cooling, public water, and public sewer.
Set on a 0.24-acre lot along Sullivan Gardens Parkway in Kingsport, the property offers frontage on the parkway with access to Highway 93. B 1 zoning is identified for the site, and the layout may accommodate office, salon, studio, storefront, residential, or combined live-work applications, subject to verification of permitted uses with Kingsport zoning.
Set on a 0.24-acre lot along Sullivan Gardens Parkway in Kingsport, the property offers frontage on the parkway with access to Highway 93. B 1 zoning is identified for the site, and the layout may accommodate office, salon, studio, storefront, residential, or combined live-work applications, subject to verification of permitted uses with Kingsport zoning.
Key Highlights
- 1,475‑square‑foot 2026 manufactured home designed for flexible live‑work use
- Three separate rooms, two full baths, and a dedicated utility room
- 0.24‑acre lot with frontage on Sullivan Gardens Parkway
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
$21,537
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
8.79%
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%
$430,740
$430.7K
Cap Rate 7%
$307,671
$307.7K
Cap Rate 9%
$239,300
$239.3K
Market Conditions
NOI Build-Up for 1,475 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
$36.8K $24.96/SF
− Vacancy
−$8.1K −$5.49/SF
EGI
$28.7K $19.47/SF
− OpEx
−$7.2K −$4.87/SF
NOI
$21.5K $14.60/SF
Area
Sullivan County, TN
Vacancy
22.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$430,740
Cap Rate 7%
$307,671
Cap Rate 9%
$239,300
Alternative Uses
Best Use
Office B
$307.7K
$269.2K – $359.0K
NOI $21,537 @ 7.0% cap · market cap 8.79%
Second Best
Mixed Use
$184.9K
$161.8K – $215.7K
NOI $12,943 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$552.4K
$483.3K – $644.4K
NOI $38,665 @ 7.0% cap · market cap 15.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
93
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Live-work space - B 1 zoning and a flexible interior support office, studio, or combined business-and-residence use.
Where is this live-work space located?
The property is located at 2537 Sullivan Gardens Parkway Kingsport, TN.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 1,475‑square‑foot 2026 manufactured home designed for flexible live‑work use; Three separate rooms, two full baths, and a dedicated utility room; 0.24‑acre lot with frontage on Sullivan Gardens Parkway
