Turn-Key Historic Office
For Sale
$479,900
512 Alabama St, Bristol, TN 37620
Remodeled historic office building with reception, multiple offices, conference rooms, ample parking, and attached garage storage.
Property Size2,694 SF
Price / SF$178.14
Days on Market268
Property Features for 512 Alabama St
General Information
Standard status
Active
Size
2,694 SF
Zoning
B3
Additional Details
Office Units
10
Listing Agency:
The Addington Agency Bristol
(423) 646-1060
Listed By:
Garrett Addington · License #337697
(423) 646-1060
Source:
Exprealty
Added: Nov 17, 2025
Changed: Aug 8
Last Checked: Aug 11 at 11:13AM
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 The Addington Agency Bristol
Investment Insights
Based on property information with market context.
This turn-key, fully remodeled office building was originally constructed in the early 1900s and retains historic character throughout. The interior layout includes 6–10 designated offices, a large reception and lobby area, multiple conference rooms, two employee kitchen spaces, and two bathrooms. A 300+ sqft attached garage provides added storage. The property also features architectural details such as multiple fireplaces, stained glass windows, and ornate woodworking, with covered front porch, gabled dormer, multiple balconies, and mature trees supporting the overall curb appeal.
Located at 512 Alabama St in Bristol, this office property is described as positioned in the heart of town, within walking distance of the downtown district and nearby parks, trails, shops, and restaurants. The building is currently zoned B3 and offers ample parking, along with signage on MLK for visibility.
Designed to support a range of business uses, the current configuration can fit professional services such as accounting, legal, or real estate, along with other light commercial concepts referenced in the listing. For an owner-operator or tenant seeking a ready-to-use corporate office with defined workspaces, conference rooms, and on-site parking plus attached storage, this property offers a complete package in a central, walkable downtown setting.
Located at 512 Alabama St in Bristol, this office property is described as positioned in the heart of town, within walking distance of the downtown district and nearby parks, trails, shops, and restaurants. The building is currently zoned B3 and offers ample parking, along with signage on MLK for visibility.
Designed to support a range of business uses, the current configuration can fit professional services such as accounting, legal, or real estate, along with other light commercial concepts referenced in the listing. For an owner-operator or tenant seeking a ready-to-use corporate office with defined workspaces, conference rooms, and on-site parking plus attached storage, this property offers a complete package in a central, walkable downtown setting.
Key Highlights
- Remodeled office building with 2,600+ SF and historic character features including multiple fireplaces and stained glass windows
- Floor plan includes 6–10 designated offices, large reception/lobby area, multiple conference rooms, and 2 bathrooms
- Includes 2 employee kitchen spaces and 300+ SF 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
Property Profile
Current Use
Lease Details
10
Office units
Location Intelligence
Trade Area within ½ mile
683
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Remodeled historic office building with reception, multiple offices, conference rooms, ample parking, and attached garage storage.
Where is this office building located?
The property is located at 512 Alabama St 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: Remodeled office building with 2,600+ SF and historic character features including multiple fireplaces and stained glass windows; Floor plan includes 6–10 designated offices, large reception/lobby area, multiple conference rooms, and 2 bathrooms; Includes 2 employee kitchen spaces and 300+ SF attached garage for additional storage
