Remodeled Three-Unit Condo
For Sale
$499,900
308 E Sullivan Street, Kingsport, TN 37660
MULTI_FAMILY - Kingsport, TN
Property Size2,969 SF
Lot Size0.02 Acres
Price / SF$168.37
Days on Market94
Property Features for 308 E Sullivan Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B 2
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2
Window features
Double Pane Windows
Interior features
2+ Person Tub, Eat-in Kitchen, Granite Counters, Open Floorplan, Walk-In Closet(s)
Appliances
Built-In Electric Oven, Dishwasher, Dryer, Microwave, Refrigerator, Washer
Subdivision
City Of Kingsport
Elementary school
Lincoln
Middle school
Sevier
High school
Dobyns Bennett
Directions
Downtown Kingsport to Broad Street to Church Circle. Turn right onto East Sullivan Street, building will be on your right.
Standard status
Active
APN
046p D 018.10
Size
2,969 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
754
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
3
Number of units
3
Flooring type
Hardwood, Brick, Tile - Ceramic, Tile
Building materials
Brick, Stone
Roof type
Rubber
Listing Agency:
Blue Ridge Properties
(423) 247-4181
Listed By:
Connie Salyer
(423) 534-1621
Added: May 18
Changed: Aug 3
Last Checked: Aug 19 at 12:06PM
MLS# 9995567
Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This remodeled three-unit condo investment offers a turn-key setup for immediate use. The property has been completely remodeled and includes a brand-new roof. It is sold furnished, with the listed appliances remaining, supporting continuity for either short-term rental operations or long-term leasing.
Built in 1920, the units are housed within a tall historic building. Constructed with brick and stone materials, the interior features include an open floorplan, eat-in kitchen, granite counters, and walk-in closets, along with tile and hardwood flooring. Heating is central, with central air cooling. Utilities include public water and public sewer, and cable is available.
The property is located at 308 E Sullivan Street in Kingsport, Tennessee (37660), in Sullivan County, and is zoned B-2.
Built in 1920, the units are housed within a tall historic building. Constructed with brick and stone materials, the interior features include an open floorplan, eat-in kitchen, granite counters, and walk-in closets, along with tile and hardwood flooring. Heating is central, with central air cooling. Utilities include public water and public sewer, and cable is available.
The property is located at 308 E Sullivan Street in Kingsport, Tennessee (37660), in Sullivan County, and is zoned B-2.
Key Highlights
- Completely remodeled three‑unit condo investment with brand‑new roof
- Sold furnished with appliances remaining for immediate occupancy use
- B‑2 zoning with public water and public sewer
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
$22,153
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
4.43%
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%
$443,060
$443.1K
Cap Rate 7%
$316,471
$316.5K
Cap Rate 9%
$246,144
$246.1K
Market Conditions
NOI Build-Up for 2,969 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
$33.8K $11.40/SF
− Vacancy
−$2.2K −$0.74/SF
EGI
$31.6K $10.66/SF
− OpEx
−$9.5K −$3.20/SF
NOI
$22.2K $7.46/SF
Area
Sullivan County, TN
Vacancy
6.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$443,060
Cap Rate 7%
$316,471
Cap Rate 9%
$246,144
Alternative Uses
Best Use
Multifamily LT 5
$316.5K
$276.9K – $369.2K
NOI $22,153 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$296.3K
$259.3K – $345.7K
NOI $20,740 @ 7.0% cap · market cap 4.15%
Theoretical Best
Office A
$1.11M
$972.9K – $1.30M
NOI $77,829 @ 7.0% cap · market cap 15.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,342
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - B-2 zoned three-unit condo with central HVAC, public water and public sewer, and cable available.
Where is this triplex located?
The property is located at 308 E Sullivan Street Kingsport, TN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Completely remodeled three‑unit condo investment with brand‑new roof; Sold furnished with appliances remaining for immediate occupancy use; B‑2 zoning with public water and public sewer
