Downtown Mixed-Use Live-Work
For Sale
$450,000
427 431 Sullivan St, Kingsport, TN 37660
Two-parcel live-work property with studio apartment, flexible office/retail space, courtyard, and detached rear buildings.
Property Size4,430 SF
Price / SF$101.58
Days on Market341
Property Features for 427 431 Sullivan St
General Information
Standard status
Active
Size
4,430 SF
Property subtype
General Commercial
Additional Details
Opportunity Zone
Yes
Amenities
Heat Pump
Dishwasher
Composition
IRR 100 x151x75x95x25x55
Building Details
Year Built
1920
Listing Agency:
Selling Stateline Real Estate Group
(423) 426-7771
Listed By:
Keisha Manis · License #333012
(423) 426-7771
Source:
Xome
Added: Sep 3, 2025
Changed: Aug 8
Last Checked: Aug 9 at 4:40AM
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 Selling Stateline Real Estate Group
Investment Insights
Based on property information with market context.
This mixed-use live-work property is offered as two parcels and includes a studio apartment along with flexible office or retail space. Outdoor amenities feature a rare grass courtyard, supported by a pergola and a storage building. At the rear of the property, there are two additional detached buildings, expanding possibilities for added rental opportunities, creative workspaces, or other business use. The property also includes dedicated parking to support on-site operations.
Located in the heart of Downtown Kingsport along E Sullivan Street, the property is described as highly visible and walkable. The listing also notes that the property is positioned in an Opportunity Zone. Recent improvements include a new HVAC system, and the roof has been inspected and confirmed to be in good condition. Buyer and buyer’s agent should verify all information.
Located in the heart of Downtown Kingsport along E Sullivan Street, the property is described as highly visible and walkable. The listing also notes that the property is positioned in an Opportunity Zone. Recent improvements include a new HVAC system, and the roof has been inspected and confirmed to be in good condition. Buyer and buyer’s agent should verify all information.
Key Highlights
- Two‑parcel live‑work property in downtown Kingsport with a studio apartment plus flexible office/retail space
- Includes dedicated parking and a rare grass courtyard with a pergola and storage building
- Rear of property features two additional detached buildings for expanded rental or business use
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
Office B
$924.1K
$808.6K – $1.08M
NOI $64,685 @ 7.0% cap · market cap 14.37%
Second Best
Mixed Use
$555.3K
$485.9K – $647.9K
NOI $38,873 @ 7.0% cap · market cap 8.64%
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
Current Use
Location Intelligence
Trade Area within ½ mile
1,342
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Two-parcel live-work property with studio apartment, flexible office/retail space, courtyard, and detached rear buildings.
Where is this live-work space located?
The property is located at 427 431 Sullivan St 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: Two‑parcel live‑work property in downtown Kingsport with a studio apartment plus flexible office/retail space; Includes dedicated parking and a rare grass courtyard with a pergola and storage building; Rear of property features two additional detached buildings for expanded rental or business use
