Historic Bank Building Adaptive
For Sale
Contact for pricing
255 Broad St, Kingsport, TN 37660
Three-story historic landmark with cellar, rooftop deck, and intact bank vault in Kingsport’s B-2 Central Business District.
Property Size26,100 SF
Price / SF$95.75
Days on Market48
Property Features for 255 Broad St
General Information
Standard status
Active
Size
26,100 SF
Class
B
Property subtype
Retail, Office, Hospitality
Zoning
B-2 Central Business District
Lease Type
NN
Investment Type
Value Add
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1927
Stories
3
Units
17
Tenancy
Multi
Listing Agency:
EXP Commercial
(214) 718-7079
Listed By:
Carson Jones · License #382989
Source:
Crexi
Added: Jul 9
Changed: Aug 24
Last Checked: Aug 24 at 4:39AM
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.
Originally constructed in 1927 as the First National Bank of Kingsport, this iconic historic landmark totals 26,100± SF across three stories plus a historic cellar. The building features an expansive rooftop deck, an elegant marble and limestone facade, exposed brick interiors, soaring ceilings, original architectural details, an intact bank vault, and a passenger elevator.
Located within Kingsport’s B-2 Central Business District and designated as an Opportunity Zone site, the property supports a wide range of permitted and conditional uses intended to encourage downtown redevelopment. The offering is situated along Broad Street with visibility and walk-ability, just steps from City Hall, restaurants, retail, entertainment, downtown employers, public parking, and ongoing public and private investment.
The redevelopment concept can be tailored to a range of hospitality, residential, office, entertainment, or retail formats, including the potential to assemble with neighboring downtown buildings under common ownership for a larger, coordinated destination.
Located within Kingsport’s B-2 Central Business District and designated as an Opportunity Zone site, the property supports a wide range of permitted and conditional uses intended to encourage downtown redevelopment. The offering is situated along Broad Street with visibility and walk-ability, just steps from City Hall, restaurants, retail, entertainment, downtown employers, public parking, and ongoing public and private investment.
The redevelopment concept can be tailored to a range of hospitality, residential, office, entertainment, or retail formats, including the potential to assemble with neighboring downtown buildings under common ownership for a larger, coordinated destination.
Key Highlights
- Historic 1927 building originally built as the First National Bank of Kingsport with 26,100± SF and three stories plus a historic cellar.
- Elegant marble and limestone facade with exposed brick interiors, soaring ceilings, original architectural details, and an intact bank vault.
- Passenger elevator and expansive rooftop deck, creating built‑in amenity space for redevelopment concepts.
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
$163,647
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%
$3,272,940
$3.3M
Cap Rate 7%
$2,337,814
$2.3M
Cap Rate 9%
$1,818,300
$1.8M
Market Conditions
NOI Build-Up for 26,100 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
$391.5K $15.00/SF
− Vacancy
−$47.0K −$1.80/SF
EGI
$344.5K $13.20/SF
− OpEx
−$180.9K −$6.93/SF
NOI
$163.6K $6.27/SF
Area
Sullivan County, TN
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$3,272,940
Cap Rate 7%
$2,337,814
Cap Rate 9%
$1,818,300
Alternative Uses
Best Use
Hotel Hospitality
$2.34M
$2.05M – $2.73M
NOI $163,647 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.77M
$8.55M – $11.40M
NOI $684,179 @ 7.0% cap · market cap 27.38%
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Three-story historic landmark with cellar, rooftop deck, and intact bank vault in Kingsport’s B-2 Central Business District.
Where is this hotel located?
The property is located at 255 Broad St Kingsport, TN.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: Historic 1927 building originally built as the First National Bank of Kingsport with 26,100± SF and three stories plus a historic cellar.; Elegant marble and limestone facade with exposed brick interiors, soaring ceilings, original architectural details, and an intact bank vault.; Passenger elevator and expansive rooftop deck, creating built‑in amenity space for redevelopment concepts.
