Two-Building Multifamily
For Sale
$415,000
4006 Memorial Boulevard, Kingsport, TN 37664
Two apartment buildings totaling seven units offer immediate rental income and on-site storage space.
Property Size4,045 SF
Price / SF$102.60
Days on Market98
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Property Features for 4006 Memorial Boulevard
General Information
Standard status
Active
Size
4,045 SF
Financials
Cap Rate
8.7%
Business Included
Yes
Additional Details
Multifamily Units
7
Building Details
Year Built
1947
Listing Agency:
CENTURY 21 Legacy Fort Henry
Listed By:
Abigail Weaver · License #357811
(423) 335-3937
Source:
Thecolinandcarlygroup
Added: Jul 10
Changed: Oct 2
Last Checked: Oct 15 at 1:07AM
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 CENTURY 21 Legacy Fort Henry
Investment Insights
Based on property information with market context.
This for-sale investment property includes two buildings with seven total units. The offering is described as providing immediate rental income, with remodeling underway in two vacant units. On-site improvements include an unfinished basement and a garage workshop, providing additional storage for day-to-day property management.
The sale includes both parcels identified as 062C E 017.00 and 062C E 018.00. The property notes TDOT road improvements on Hwy 126, with boundary lines already showing updated property borders that are expected to affect traffic patterns after the modifications.
Building 2 is reported to have a metal roof that is approximately two years old, while Building 1 is reported to have a metal roof approximately five years old. The property also notes some plumbing and electrical updates and currently occupied units with a reported good rental history. Buyer(s) and buyer’s agents should verify all information.
The sale includes both parcels identified as 062C E 017.00 and 062C E 018.00. The property notes TDOT road improvements on Hwy 126, with boundary lines already showing updated property borders that are expected to affect traffic patterns after the modifications.
Building 2 is reported to have a metal roof that is approximately two years old, while Building 1 is reported to have a metal roof approximately five years old. The property also notes some plumbing and electrical updates and currently occupied units with a reported good rental history. Buyer(s) and buyer’s agents should verify all information.
Key Highlights
- Two apartment buildings with 7 total units, offering immediate rental income
- 8.7% cap rate at full capacity
- Metal roof updates: Building 2 has a 2‑year‑old metal roof; Building 1 has a 5‑year‑old metal roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,256
Cap Rate
6.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$565,120
$565.1K
Cap Rate 7%
$403,657
$403.7K
Cap Rate 9%
$313,956
$314.0K
Market Conditions
NOI Build-Up for 4,045 SF
Gross rent
$54.4K $13.44/SF
− Vacancy
−$3.0K −$0.74/SF
EGI
$51.4K $12.70/SF
− OpEx
−$23.1K −$5.72/SF
NOI
$28.3K $6.99/SF
Area
Sullivan County, TN
Vacancy
5.50%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$565,120
Cap Rate 7%
$403,657
Cap Rate 9%
$313,956
Alternative Uses
Best Use
Apartment 5plus
$403.7K
$353.2K – $470.9K
NOI $28,256 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.33M – $1.77M
NOI $106,035 @ 7.0% cap · market cap 25.55%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
7
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 37664, TN
28,748
Population
13,914
Households
2.1
Avg Household Size
44
Median Age
34%
College-Educated
92%
High-School Grad
33.9 sq mi
ZIP Area
848
Density / Sq Mi
$61,164
Median Household Income
$37,047
Median Earnings
$817
Median Rent
$204,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two apartment buildings totaling seven units offer immediate rental income and on-site storage space.
Where is this apartment building located?
The property is located at 4006 Memorial Boulevard Kingsport, TN.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two apartment buildings with 7 total units, offering immediate rental income; 8.7% cap rate at full capacity; Metal roof updates: Building 2 has a 2‑year‑old metal roof; Building 1 has a 5‑year‑old metal roof
