Flex Property with Drive-In
New
For Sale
Contact for pricing
3051 E Stone Dr, Kingsport, TN 37660
B-3-zoned commercial site combines finished office areas with a rear warehouse bay along an established commercial corridor.
Property Size1,800 SF
Lot Size5.63 Acres
Price / SF$500
Days on Market7
Property Features for 3051 E Stone Dr
General Information
Standard status
Active
Size
1,800 SF
Lot size
5.63 Acres
Property subtype
Office, Industrial, Land
Zoning
B-3
Site & Location
Road Frontage
630 ft
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
1
Land Use
commercial, office, warehouse
Building Details
Year Built
1995
Year Renovated
2004
Buildings
1
Stories
1
Building Size
1,800 SF
Abandoned
No
Listing Agency:
Mike Fuller Realty & Company
Listed By:
Michael Fuller · License #249198
(865) 909-7471
Source:
Crexi
Added: Aug 27
Changed: Sep 1
Last Checked: Sep 1 at 8:28PM
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 Mike Fuller Realty & Company
Investment Insights
Based on property information with market context.
This flex property combines an 1,800-square-foot building with a larger commercial parcel. The 1995 structure includes reception and office areas, a breakroom, restroom, and rear warehouse space served by an overhead drive-in door. Its front-to-back arrangement supports customer-facing or administrative functions in front with storage or work space behind.
The site contains approximately 5.63 acres and about 630 feet of frontage along E. Stone Drive, identified in the source information as US Highway 11-W, in Kingsport. B-3 zoning is in place. Tractor Supply Co. is across the street, while Petworks Animal Services is next door. Target, Kohl’s, Burlington, and Bealls are identified farther west near the Kingsport Pavilion and East Stone Commons area. The property was previously operated by HouseSmart, a subsidiary of Clayton.
The site contains approximately 5.63 acres and about 630 feet of frontage along E. Stone Drive, identified in the source information as US Highway 11-W, in Kingsport. B-3 zoning is in place. Tractor Supply Co. is across the street, while Petworks Animal Services is next door. Target, Kohl’s, Burlington, and Bealls are identified farther west near the Kingsport Pavilion and East Stone Commons area. The property was previously operated by HouseSmart, a subsidiary of Clayton.
Key Highlights
- Approximately 5.63‑acre commercial parcel
- About 630 feet of frontage on E. Stone Drive (US Highway 11‑W)
- 1,800 SF flex office/warehouse building
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
$26,283
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
2.92%
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%
$525,660
$525.7K
Cap Rate 7%
$375,471
$375.5K
Cap Rate 9%
$292,033
$292.0K
Market Conditions
NOI Build-Up for 1,800 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
$44.9K $24.96/SF
− Vacancy
−$9.9K −$5.49/SF
EGI
$35.0K $19.47/SF
− OpEx
−$8.8K −$4.87/SF
NOI
$26.3K $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%
$525,660
Cap Rate 7%
$375,471
Cap Rate 9%
$292,033
Alternative Uses
Best Use
Office B
$375.5K
$328.5K – $438.1K
NOI $26,283 @ 7.0% cap · market cap 2.92%
Second Best
Warehouse
$206.8K
$181.0K – $241.3K
NOI $14,477 @ 7.0% cap · market cap 1.61%
Theoretical Best
Office A
$674.1K
$589.8K – $786.4K
NOI $47,185 @ 7.0% cap · market cap 5.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Balanced
Demand for This Use
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - B-3-zoned commercial site combines finished office areas with a rear warehouse bay along an established commercial corridor.
Where is this flex space located?
The property is located at 3051 E Stone Dr Kingsport, TN.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Approximately 5.63‑acre commercial parcel; About 630 feet of frontage on E. Stone Drive (US Highway 11‑W); 1,800 SF flex office/warehouse building
