Mixed-Use Condominium
For Sale
$4,600,000
453 E Main St, Kingsport, TN 37660
Downtown Kingsport mixed-use property with eight condominium residences above approximately 6,000 sf of street-level retail.
Property Size23,000 SF
Price / SF$200
Days on Market153
Property Features for 453 E Main St
General Information
Standard status
Active
Size
23,000 SF
Additional Details
Multifamily Units
8
Amenities
gated parking
elevator
Building Details
Tenancy
Multi
Listing Agency:
Highlands Real Estate Sea Glass
(423) 341-2408
Listed By:
Taylor Bettis · License #349600
(423) 341-2408
Source:
Exprealty
Added: Mar 24
Changed: Aug 23
Last Checked: Aug 21 at 1:42PM
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 Highlands Real Estate Sea Glass
Investment Insights
Based on property information with market context.
Located at 453 E. Main St. in downtown Kingsport, this historically significant mixed-use property combines eight condominium units with street-level commercial space. The residential component consists of 4 floor plans and unit sizes stated between 1,250 and 1,350 square feet.
The building also includes approximately 6,000 square feet of street-level commercial space. On-site amenities include gated parking and a brand new elevator, supporting convenient access to both the residential and commercial portions.
With a total property size of approximately 23,155 square feet, the configuration provides a vertical arrangement of residences over retail space within the same asset.
The building also includes approximately 6,000 square feet of street-level commercial space. On-site amenities include gated parking and a brand new elevator, supporting convenient access to both the residential and commercial portions.
With a total property size of approximately 23,155 square feet, the configuration provides a vertical arrangement of residences over retail space within the same asset.
Key Highlights
- 1916‑built downtown Kingsport mixed‑use property at 453 E. Main Street
- Eight condominium residences with 4 floor plans and unit sizes between 1,250 and 1,350 sf
- Approximately 6,000 sf of street‑level commercial space
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
$355,364
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
7.73%
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%
$7,107,280
$7.1M
Cap Rate 7%
$5,076,629
$5.1M
Cap Rate 9%
$3,948,489
$3.9M
Market Conditions
NOI Build-Up for 23,000 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
$529.9K $23.04/SF
− Vacancy
−$22.3K −$0.97/SF
EGI
$507.7K $22.07/SF
− OpEx
−$152.3K −$6.62/SF
NOI
$355.4K $15.45/SF
Area
Sullivan County, TN
Vacancy
4.20%
Lease Rate
$23.04 /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%
$7,107,280
Cap Rate 7%
$5,076,629
Cap Rate 9%
$3,948,489
Alternative Uses
Best Use
Retail
$5.08M
$4.44M – $5.92M
NOI $355,364 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$2.30M
$2.01M – $2.68M
NOI $160,665 @ 7.0% cap · market cap 3.49%
Theoretical Best
Office A
$8.61M
$7.54M – $10.05M
NOI $602,916 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,452
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Downtown Kingsport mixed-use property with eight condominium residences above approximately 6,000 sf of street-level retail.
Where is this apartment building located?
The property is located at 453 E Main St Kingsport, TN.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: 1916‑built downtown Kingsport mixed‑use property at 453 E. Main Street; Eight condominium residences with 4 floor plans and unit sizes between 1,250 and 1,350 sf; Approximately 6,000 sf of street‑level commercial space
