Remodeled Office Building with
For Sale
$479,900
512 Alabama Street, Bristol, TN 37620
Commercial Sale, Bristol, TN
Property Size2,600 SF
Lot Size0.21 Acres
Price / SF$178.14
Days on Market318
Property Features for 512 Alabama Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B3
Directions
From downtown Bristol, Head south on Volunteer Pkwy toward Commonwealth Ave. Turn left onto Anderson St. Turn right onto 6th St. Sharp left onto Ash St. Turn left onto Alabama St.
Subdivision
103 - Bristol TN (City)
Standard status
Active
APN
021h B 002.00
Size
2,694 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
1103
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Amenities
fireplaces
stained glass window
ornate woodworking
covered front porch
gabled dormer
balconies
mature trees
signage
Building Details
Year built
1908
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Shingle
Listing Agency:
The Addington Agency Bristol
(423) 845-5800
Listed By:
Garrett Addington · License #337697
(423) 646-1060
Added: Nov 17, 2025
Changed: Sep 6
Last Checked: Oct 1 at 4:06PM
MLS# 9988375
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.
Built in 1908 and remodeled for office use, this 2,694-square-foot property combines a professional layout with preserved architectural details. The plan includes 6–10 designated offices, two bathrooms, a reception and lobby area, two employee kitchen spaces, and multiple conference rooms. A 300+ square-foot attached garage provides additional storage, while fireplaces, stained glass, and ornate woodwork remain part of the interior character. The property also includes a covered front porch, gabled dormer, multiple balconies, and mature trees.
The 0.21-acre site is positioned at 512 Alabama Street in Bristol, within walking distance of the downtown district, parks, trails, shops, and restaurants. The property has ample parking, signage along MLK, B3 zoning, public water, and public sewer. Construction includes aluminum and vinyl siding, with heat pump heating and cooling and a shingle roof.
The 0.21-acre site is positioned at 512 Alabama Street in Bristol, within walking distance of the downtown district, parks, trails, shops, and restaurants. The property has ample parking, signage along MLK, B3 zoning, public water, and public sewer. Construction includes aluminum and vinyl siding, with heat pump heating and cooling and a shingle roof.
Key Highlights
- 2,694‑square‑foot office building originally constructed in 1908 and remodeled for corporate office use
- 6–10 designated offices, 2 bathrooms, reception and lobby, 2 employee kitchens, and multiple conference rooms
- 300+ square‑foot attached garage for additional storage
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
$39,337
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
8.20%
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%
$786,740
$786.7K
Cap Rate 7%
$561,957
$562.0K
Cap Rate 9%
$437,078
$437.1K
Market Conditions
NOI Build-Up for 2,694 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
$67.2K $24.96/SF
− Vacancy
−$14.8K −$5.49/SF
EGI
$52.4K $19.47/SF
− OpEx
−$13.1K −$4.87/SF
NOI
$39.3K $14.60/SF
Area
Sullivan County, TN
Vacancy
22.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$786,740
Cap Rate 7%
$561,957
Cap Rate 9%
$437,078
Alternative Uses
Best Use
Office B
$562.0K
$491.7K – $655.6K
NOI $39,337 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$882.8K – $1.18M
NOI $70,620 @ 7.0% cap · market cap 14.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 37620, TN
38,245
Population
18,119
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
128.2 sq mi
ZIP Area
298
Density / Sq Mi
$54,908
Median Household Income
$36,017
Median Earnings
$809
Median Rent
$175,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - B3-zoned professional office property with multiple work areas, conference rooms, parking, and prominent signage along MLK.
Where is this office building located?
The property is located at 512 Alabama Street Bristol, TN.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: 2,694‑square‑foot office building originally constructed in 1908 and remodeled for corporate office use; 6–10 designated offices, 2 bathrooms, reception and lobby, 2 employee kitchens, and multiple conference rooms; 300+ square‑foot attached garage for additional storage
