Mixed-Use Building with Loft
300 E Sullivan Street Kingsport, TN 37660
300 E Sullivan Street, Kingsport, TN, 37660
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For Sale
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Two-story downtown building offers partially built-out loft apartments plus an open main-level area suitable for retail or additional units.
Property Size6,308 SF
Price / SF$78.47
Days on Market173
Property Features for 300 E Sullivan Street
General Information
- Standard status
- Active
- Size
- 6,308 SF
- Property subtype
- Retail, Multifamily, Office, Mixed Use
Building Details
- Year Built
- 1920
Listing agency
TCI Group – Jerry Petzoldt Agency LLC
Listed by
R. Lynn Shipley, Jr. · License #TN 347057
Source
Crexi
Added: Jan 31 Updated: Jul 22 at 8:23PM Checked: Jul 22 at 8:23PM
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 TCI Group – Jerry Petzoldt Agency LLC
Investment Insights
Based on property information with market context.
This two-story, brick building was built in 1920 and was originally two separate buildings that were combined over time. The property has undergone exterior and envelope improvements including brick cleaning, roof replacement, and new window installation from 2018 to 2020, and it has been cleared of most interior walls. The building is currently partially built out for four loft apartments, with the second floor including two 1-bedroom units and one 2-bedroom unit, and the main level including one 2-bedroom unit. The main level also features an open area of approximately 1,400 square feet that could be used for retail space, a café, or additional loft units, and construction plans are available for review.
The property is located in Downtown Kingsport on the corner of Sullivan and Cherokee Streets. City parking is available on the opposite street corner.
As presented, the asset offers a flexible mixed-use layout with residential units and an additional open commercial or residential conversion area, supported by recently completed exterior and window upgrades.
The property is located in Downtown Kingsport on the corner of Sullivan and Cherokee Streets. City parking is available on the opposite street corner.
As presented, the asset offers a flexible mixed-use layout with residential units and an additional open commercial or residential conversion area, supported by recently completed exterior and window upgrades.
Key Highlights
- Downtown Kingsport two‑story building on the corner of Sullivan and Cherokee Streets
- Approximately 6,308 SF building built in 1920; originally two buildings combined into one
- Partially built out for 4 loft apartments: 3 units upstairs (two 1BR and one 2BR) plus one 2BR on the main level
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $84.8k | $13.44 |
| − Vacancy | −$4.7k | −$0.74 |
| EGI | $80.1k | $12.70 |
| − OpEx | −$36.1k | −$5.72 |
| NOI | $44.1k | $6.99 |
6,308 SF · lease $13.44/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Retail
$1.39M
$1.22M – $1.62M
NOI $97,463 @ 7.0% cap · market cap 19.69%
Second Best
Multifamily LT 5
$672.4K
$588.3K – $784.4K
NOI $47,066 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,356 @ 7.0% cap · market cap 33.41%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Two-story downtown building offers partially built-out loft apartments plus an open main-level area suitable for retail or additional units.
Where is this quadplex located?
The property is located at 300 E Sullivan Street Kingsport, TN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Downtown Kingsport two‑story building on the corner of Sullivan and Cherokee Streets; Approximately 6,308 SF building built in 1920; originally two buildings combined into one; Partially built out for 4 loft apartments: 3 units upstairs (two 1BR and one 2BR) plus one 2BR on the main level
