Drive-Around Warehouse Flex
For Sale
$149,900
343 Sullivan Street, Kingsport, TN 37660
Flex warehouse with drive-around access and an accessible garage door for deliveries, storage, or shop use.
Property Size1,888 SF
Price / SF$79.40
Days on Market337
Property Features for 343 Sullivan Street
General Information
Standard status
Active
Size
1,888 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Drive-In Doors
1
Amenities
A/C - Other
3
Composition, Built Up
32.76 x 150 IRR
Building Details
Year Built
1947
Listing Agency:
Foundation Realty Group
(423) 817-9648
Listed By:
Candace Fletcher · License #378500
(423) 817-9648
Source:
Xome
Added: Sep 11, 2025
Changed: Aug 12
Last Checked: Aug 12 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 Foundation Realty Group
Investment Insights
Based on property information with market context.
This flex warehouse offers drive-around access with an accessible garage door, supporting practical day-to-day needs such as deliveries, storage, or workspace use. The property is presented as a fixer-upper, with “some TLC” indicated to bring the space to its intended form.
Located at 343 E Sullivan Street in the heart of downtown Kingsport, the site is described as having excellent road frontage in a high-traffic area, which can support visibility for an owner-operator or investor.
The adjacent property is also available for purchase, and the remarks indicate potential for expansion by acquiring both parcels.
Located at 343 E Sullivan Street in the heart of downtown Kingsport, the site is described as having excellent road frontage in a high-traffic area, which can support visibility for an owner-operator or investor.
The adjacent property is also available for purchase, and the remarks indicate potential for expansion by acquiring both parcels.
Key Highlights
- Flex warehouse on East Sullivan Street in downtown Kingsport
- Drive‑around warehouse access with an accessible garage door for deliveries, storage, or shop use
- Lot dimensions are 32.76 x 150 (IRR)
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
$13,696
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
9.14%
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%
$273,920
$273.9K
Cap Rate 7%
$195,657
$195.7K
Cap Rate 9%
$152,178
$152.2K
Market Conditions
NOI Build-Up for 1,888 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
$22.7K $12.00/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$21.1K $11.16/SF
− OpEx
−$7.4K −$3.91/SF
NOI
$13.7K $7.25/SF
Area
Sullivan County, TN
Vacancy
7.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$273,920
Cap Rate 7%
$195,657
Cap Rate 9%
$152,178
Alternative Uses
Best Use
Warehouse
$216.9K
$189.8K – $253.1K
NOI $15,185 @ 7.0% cap · market cap 10.13%
Second Best
Flex RnD
$195.7K
$171.2K – $228.3K
NOI $13,696 @ 7.0% cap · market cap 9.14%
Theoretical Best
Office A
$707.0K
$618.7K – $824.9K
NOI $49,492 @ 7.0% cap · market cap 33.02%
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
Under-served
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
- Atlas Culinary Concepts — 325 clinchfield st, kingsport, tn 37660
- Sweet and Savory Catering — 316 Cumberland St, Kingsport, TN 37660
Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse with drive-around access and an accessible garage door for deliveries, storage, or shop use.
Where is this flex space located?
The property is located at 343 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: Flex warehouse on East Sullivan Street in downtown Kingsport; Drive‑around warehouse access with an accessible garage door for deliveries, storage, or shop use; Lot dimensions are 32.76 x 150 (IRR)
