Warehouse Flex Facility with Fenced
For Sale
Contact for pricing
Pending
475 Morelock Street, Kingsport, TN 37660
Flex warehouse with six oversized garage bays, 15-foot ceiling, and a fenced gravel yard with two usable entrances.
Property Size5,600 SF
Lot Size3.29 Acres
Days on Market227
Property Features for 475 Morelock Street
General Information
Standard status
Pending
Size
5,600 SF
Lot size
3.29 Acres
Property subtype
INDUSTRIAL
Zoning
B-3
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Additional Details
Clear Height
15 ft
Service Bays
6
Listing Agency:
TCI Group-Jerry Petzoldt Agency LLC
(423) 430-4215
Listed By:
Ed Mahaffey · License #355986
(423) 430-4215
Source:
Moodyscre
Added: Dec 29, 2025
Changed: Jul 28
Last Checked: Aug 13 at 6:41AM
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 TCI Group-Jerry Petzoldt Agency LLC
Investment Insights
Based on property information with market context.
This versatile commercial flex and warehouse property offers approximately 5,600 SF with six oversized garage bays, including four 12-foot bays and two 15-foot bays. The building includes a 15-foot ceiling height and interior space configured with an office/reception area, conference room, multiple storage rooms, two bathrooms, tool/utility space, and a loft/breakroom. Recent upgrades include two new heat pumps (2022), metal roofing, fresh interior paint, and new vinyl plank flooring.
The exterior features 3.29 acres of completely fenced, flat gravel area with two commercially usable entrances, supporting secure outdoor storage and practical site access. The property is positioned just off N. John B. Dennis Highway in a high-traffic corridor in Kingsport, located in Sullivan County just outside the city limits.
Zoned B-3, the property is intended to support a wide range of commercial uses and provides a flexible setup for businesses and investors seeking an on-site office and shop arrangement with straightforward truck and tractor-trailer access.
The exterior features 3.29 acres of completely fenced, flat gravel area with two commercially usable entrances, supporting secure outdoor storage and practical site access. The property is positioned just off N. John B. Dennis Highway in a high-traffic corridor in Kingsport, located in Sullivan County just outside the city limits.
Zoned B-3, the property is intended to support a wide range of commercial uses and provides a flexible setup for businesses and investors seeking an on-site office and shop arrangement with straightforward truck and tractor-trailer access.
Key Highlights
- 5,600± SF commercial building in Kingsport, TN, just off N. John B. Dennis Highway
- 3.29 fenced, flat gravel yard with 2 commercially usable entrances and plentiful on‑site parking
- Six oversized garage bays: four 12‑ft bays plus two 15‑ft bays, with 15‑ft ceiling height
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
$45,039
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
4.74%
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%
$900,780
$900.8K
Cap Rate 7%
$643,414
$643.4K
Cap Rate 9%
$500,433
$500.4K
Market Conditions
NOI Build-Up for 5,600 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
$55.8K $9.96/SF
− Vacancy
−$2.8K −$0.50/SF
EGI
$53.0K $9.46/SF
− OpEx
−$7.9K −$1.42/SF
NOI
$45.0K $8.04/SF
Area
Sullivan County, TN
Vacancy
5.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$900,780
Cap Rate 7%
$643,414
Cap Rate 9%
$500,433
Alternative Uses
Best Use
Warehouse
$643.4K
$563.0K – $750.7K
NOI $45,039 @ 7.0% cap · market cap 4.74%
Second Best
Flex RnD
$580.3K
$507.8K – $677.0K
NOI $40,622 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,797 @ 7.0% cap · market cap 15.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
6
Service bays
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Balanced
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
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Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse with six oversized garage bays, 15-foot ceiling, and a fenced gravel yard with two usable entrances.
Where is this flex space located?
The property is located at 475 Morelock Street Kingsport, TN.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: 5,600± SF commercial building in Kingsport, TN, just off N. John B. Dennis Highway; 3.29 fenced, flat gravel yard with 2 commercially usable entrances and plentiful on‑site parking; Six oversized garage bays: four 12‑ft bays plus two 15‑ft bays, with 15‑ft ceiling height
