Mixed-Use Property with
For Sale
$450,000
427 & 431 E Sullivan Street, Kingsport, TN 37660
COMMERCIAL - Kingsport, TN
Property Size4,430 SF
Lot Size0.28 Acres
Price / SF$101.58
Days on Market187
Property Features for 427 & 431 E Sullivan Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Subdivision
City Of Kingsport
Directions
From Center street heading into downtown, make right on E Sullivan and property will be on your right.
Standard status
Active
APN
046o A 01000 000
Size
4,430 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
1236
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
courtyard
pergola
Building Details
Year built
1920
Building materials
Brick
Roof type
Composition
Listing Agency:
Selling Stateline Real Estate Group
(423) 343-9026
Listed By:
Keisha Manis · License #333012
(423) 426-7771
Added: Feb 16
Changed: Aug 4
Last Checked: Aug 22 at 2:06PM
MLS# 9991267
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 two-parcel mixed-use property at 427 & 431 E Sullivan Street includes 4,430 square feet on a 0.28-acre site. The improvements combine a studio apartment with flexible office or retail space, while two detached rear buildings add usable areas for business, workspace, or rental arrangements. A grass courtyard, pergola, storage building, and dedicated parking are included. The property is constructed of brick and dates to 1920.
Located in downtown Kingsport, the property is within a walkable commercial setting along E Sullivan Street. It carries B2 zoning and is situated in an Opportunity Zone. Public water and public sewer serve the property. A heat pump provides heating and cooling, and the composition roof has been inspected and reported in good condition. The HVAC system has also been recently replaced.
Located in downtown Kingsport, the property is within a walkable commercial setting along E Sullivan Street. It carries B2 zoning and is situated in an Opportunity Zone. Public water and public sewer serve the property. A heat pump provides heating and cooling, and the composition roof has been inspected and reported in good condition. The HVAC system has also been recently replaced.
Key Highlights
- 4,430 square feet across 2 parcels
- 0.28‑acre downtown Kingsport site along E Sullivan Street
- B2 zoning and Opportunity Zone designation
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
$38,873
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
8.64%
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%
$777,460
$777.5K
Cap Rate 7%
$555,329
$555.3K
Cap Rate 9%
$431,922
$431.9K
Market Conditions
NOI Build-Up for 4,430 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
$69.1K $15.60/SF
− Vacancy
−$6.9K −$1.56/SF
EGI
$62.2K $14.04/SF
− OpEx
−$23.3K −$5.27/SF
NOI
$38.9K $8.77/SF
Area
Sullivan County, TN
Vacancy
10.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$777,460
Cap Rate 7%
$555,329
Cap Rate 9%
$431,922
Alternative Uses
Best Use
Retail
$977.8K
$855.6K – $1.14M
NOI $68,446 @ 7.0% cap · market cap 15.21%
Second Best
Office B
$924.1K
$808.6K – $1.08M
NOI $64,685 @ 7.0% cap · market cap 14.37%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,127 @ 7.0% cap · market cap 25.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,750
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - B2-zoned downtown property with a studio apartment, office or retail area, detached buildings, and dedicated parking.
Where is this mixed-use property located?
The property is located at 427 & 431 E Sullivan Street Kingsport, TN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 4,430 square feet across 2 parcels; 0.28‑acre downtown Kingsport site along E Sullivan Street; B2 zoning and Opportunity Zone designation
