Drive-Around Warehouse with Garage
For Sale
$149,900
343 E Sullivan Street, Kingsport, TN 37660
COMMERCIAL - Kingsport, TN
Property Size1,760 SF
Lot Size0.12 Acres
Price / SF$85.17
Days on Market315
Property Features for 343 E Sullivan Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B 2
Subdivision
Not In Subdivision
Directions
From I-26, take Exit 1 (Wilcox Drive). Continue on Wilcox Drive toward downtown Kingsport. Turn right onto East Sullivan Street. Property will be on the left at 343 East Sullivan Street.
Standard status
Active
APN
046o A 014.00
Size
1,760 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
881
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas, Floor Furnace
Water source
Public
Building Details
Year built
1947
Building materials
Vinyl Siding
Roof type
Composition, Built-Up
Listing Agency:
Foundation Realty Group
(423) 218-9554
Listed By:
Candace Fletcher · License #378500
(423) 817-9648
Added: Oct 3, 2025
Changed: Aug 4
Last Checked: Aug 13 at 3:06AM
MLS# 9986611
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 drive-around warehouse is set up for flexible commercial use, with a garage door accessible for deliveries, storage, or vehicle-related work. The property includes a total of 1,760 square feet on a 0.12-acre lot, constructed with vinyl siding and built in 1947. Roof systems include built-up and composition materials, and heating is provided via floor furnace with natural gas. Public utilities include public water and public sewer, with natural gas available.
The site is located at 343 E Sullivan Street in Kingsport, TN, on East Sullivan Street in the downtown area, with road frontage in a high-traffic setting.
With its compact size and warehouse configuration, the building can support a range of office, retail, or mixed-use layouts, depending on the tenant’s buildout requirements.
The site is located at 343 E Sullivan Street in Kingsport, TN, on East Sullivan Street in the downtown area, with road frontage in a high-traffic setting.
With its compact size and warehouse configuration, the building can support a range of office, retail, or mixed-use layouts, depending on the tenant’s buildout requirements.
Key Highlights
- 1,760 SF warehouse building on 0.12‑acre lot at 343 E Sullivan Street
- B‑2 zoning
- Drive‑around warehouse with an accessible garage door
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
$11,657
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
7.78%
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%
$233,140
$233.1K
Cap Rate 7%
$166,529
$166.5K
Cap Rate 9%
$129,522
$129.5K
Market Conditions
NOI Build-Up for 1,760 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
$17.5K $9.96/SF
− Vacancy
−$876 −$0.50/SF
EGI
$16.7K $9.46/SF
− OpEx
−$5.0K −$2.84/SF
NOI
$11.7K $6.62/SF
Area
Sullivan County, TN
Vacancy
5.00%
Lease Rate
$9.96 /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%
$233,140
Cap Rate 7%
$166,529
Cap Rate 9%
$129,522
Alternative Uses
Best Use
Retail
$388.5K
$339.9K – $453.2K
NOI $27,193 @ 7.0% cap · market cap 18.14%
Second Best
Warehouse
$202.2K
$176.9K – $235.9K
NOI $14,155 @ 7.0% cap · market cap 9.44%
Theoretical Best
Office A
$659.1K
$576.7K – $768.9K
NOI $46,136 @ 7.0% cap · market cap 30.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,342
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Max Indoor Storage — 315 Island St, Kingsport, TN 37660
- Still FILE STORAGE — Cumberland St, Kingsport, TN 37660
- Starborn Logistics — 933 Maple St, Kingsport, TN 37660
Frequently Asked Questions
What type of property is this?
Warehouse - Drive-around warehouse on B-2 zoned lot with natural gas heat and public water and sewer service available.
Where is this warehouse located?
The property is located at 343 E Sullivan Street Kingsport, TN.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: 1,760 SF warehouse building on 0.12‑acre lot at 343 E Sullivan Street; B‑2 zoning; Drive‑around warehouse with an accessible garage door
