Turn-Key Kingsport Condo
308 East Sullivan Street Unit PT12 Kingsport, TN 37660
For Sale
$499,900
Three-unit condo in downtown Kingsport, fully furnished and remodeled.
Property Size2,969 SF
Price / SF$168.37
Days on Market122
Property Features for 308 East Sullivan Street Unit PT12
General Information
Standard status
Active
Size
2,969 SF
Property subtype
Multi Family / Multi Family
Building Details
Year Built
1920
Listing Agency:
Blue Ridge Properties
(423) 534-1621
Listed By:
Connie Salyer
(423) 534-1621
Source:
Compass
Added: Mar 30
Changed: Jul 10
Last Checked: Jul 29 at 12:34PM
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 Blue Ridge Properties
Investment Insights
Based on property information with market context.
This is a three-unit condo investment property that has been remodeled and features a new roof. The property is being sold fully furnished with appliances included, and has an established clientele already in place. Each unit is designed and appointed to create an inviting atmosphere. The property is located in downtown Kingsport, housed within a historic building. It offers a balance of privacy and accessibility to the downtown area. The property is currently operating as a short-term rental, but could also be used for long-term leasing. The property size is 2969 square feet.
Key Highlights
- Turn‑key three‑unit condo investment with established clientele for immediate income.
- Fully furnished with beautiful furniture and appliances included.
- Completely remodeled with a brand‑new roof.
Financial Insights For Multifamily LT 5
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 | $33.8k | $11.40 |
| − Vacancy | −$2.2k | −$0.74 |
| EGI | $31.6k | $10.66 |
| − OpEx | −$9.5k | −$3.20 |
| NOI | $22.2k | $7.46 |
2,969 SF · lease $11.40/SF/yr · vacancy 6.50% · expense 30.00%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit condo in downtown Kingsport, fully furnished and remodeled.
Where is this triplex located?
The property is located at 308 East Sullivan Street Unit PT12 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: Turn‑key three‑unit condo investment with established clientele for immediate income.; Fully furnished with beautiful furniture and appliances included.; Completely remodeled with a brand‑new roof.
