New Mixed-Use Property with Parkway
New
For Sale
$245,000
2537 Sullivan Gardens Pkwy, Kingsport, TN 37660
B-1 zoning supports business, residential, or combined live-work use.
Property Size1,475 SF
Price / SF$166.10
Days on Market3
Property Features for 2537 Sullivan Gardens Pkwy
General Information
Standard status
Active
Size
1,475 SF
Zoning
B-1
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
open floor plan
two full baths
dedicated utility room
brick storage shed
Building Details
Year Built
2026
Buildings
2
Building Size
1,475 SF
Construction
manufactured home
Abandoned
No
Listing Agency:
Fathom Realty
Listed By:
Kelly Johnson · License #358306
(423) 765-8848
Source:
Thecolinandcarlygroup
Added: Sep 13
Last Checked: Sep 14 at 6:35PM
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 Fathom Realty
Investment Insights
Based on property information with market context.
This mixed-use property includes a never-occupied 2026 manufactured home with 1,475 square feet of adaptable interior space. The layout features an open main area, three separate rooms, two full bathrooms, and a dedicated utility room. A brick storage shed provides additional space for equipment, inventory, or supplies, while the lot measures just under a quarter acre.
Positioned along Sullivan Gardens Parkway in Kingsport, the property has frontage on the parkway and access to Highway 93. B-1 zoning accommodates business, residential, or combined live-work use, subject to verification with Kingsport zoning. The property is also identified by the address 2537 Sullivan Gardens Pkwy, Kingsport, TN 37660.
Positioned along Sullivan Gardens Parkway in Kingsport, the property has frontage on the parkway and access to Highway 93. B-1 zoning accommodates business, residential, or combined live-work use, subject to verification with Kingsport zoning. The property is also identified by the address 2537 Sullivan Gardens Pkwy, Kingsport, TN 37660.
Key Highlights
- Never‑occupied 2026 manufactured home with 1,475 square feet
- B‑1 zoning for business, residential, or combined live‑work use
- Open main area plus three separate rooms
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
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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?
Mixed-use property - B-1 zoning supports business, residential, or combined live-work use.
Where is this mixed-use property located?
The property is located at 2537 Sullivan Gardens Pkwy 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: Never‑occupied 2026 manufactured home with 1,475 square feet; B‑1 zoning for business, residential, or combined live‑work use; Open main area plus three separate rooms
