Mixed-Use Building with Loft
For Sale
Contact for pricing
300 E Sullivan Street, Kingsport, TN 37660
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 Market204
Property Features for 300 E Sullivan Street
General Information
Standard status
Active
Size
6,308 SF
Property subtype
Retail, Multifamily, Office, Mixed Use
Investment Type
Owner/User
Additional Details
Multifamily Units
4
Building Details
Year Built
1920
Year Renovated
2020
Buildings
1
Stories
2
Listing Agency:
TCI Group – Jerry Petzoldt Agency LLC
Listed By:
R. Lynn Shipley, Jr. · License #TN 347057
Source:
Crexi
Added: Jan 31
Changed: Aug 23
Last Checked: Aug 22 at 4:19AM
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
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
$44,064
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
8.90%
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%
$881,280
$881.3K
Cap Rate 7%
$629,486
$629.5K
Cap Rate 9%
$489,600
$489.6K
Market Conditions
NOI Build-Up for 6,308 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
$84.8K $13.44/SF
− Vacancy
−$4.7K −$0.74/SF
EGI
$80.1K $12.70/SF
− OpEx
−$36.1K −$5.72/SF
NOI
$44.1K $6.99/SF
Area
Sullivan County, TN
Vacancy
5.50%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
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%
$881,280
Cap Rate 7%
$629,486
Cap Rate 9%
$489,600
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
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?
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
