Turn-Key Office in Bristol
For Sale
$479,900
512 Alabama Street, Bristol, TN 37620
COMMERCIAL - Bristol, TN
Property Size2,694 SF
Lot Size0.21 Acres
Price / SF$178.14
Days on Market265
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
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: Aug 4
Last Checked: Aug 9 at 5:06AM
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.
This 2600+ sqft building, originally constructed in the early 1900's and fully remodeled, is designed with aesthetics and functionality in mind to serve as a corporate office. The property features 6-10 designated offices, 2 bathrooms, a large reception and lobby area, and 2 employee kitchen spaces. Multiple conference rooms are available, along with ample parking and a 300+ sqft attached garage for additional storage. The building maintains its original aesthetic with multiple fireplaces, a stained glass window, and ornate woodworking. The property has curb appeal with a covered front porch, gabled dormer, multiple balconies, and mature trees. Strategically positioned in the heart of town, the location is within walking distance to downtown, parks, trails, shops, and restaurants. Zoned B3, this building has ample parking and signage with high visibility. The floor plan and location can accommodate diverse businesses from professional services like accounting, legal, or real estate to medical, retail, and other light commercial uses. The lot size is 0.21 acres.
Key Highlights
- Fully remodeled 2600+ sqft office building in a highly sought‑after downtown location, zoned B3 for diverse business uses.
- Features 6‑10 offices, 2 bathrooms, large reception area, 2 kitchens, and multiple conference rooms.
- Ample parking and high‑visibility signage on MLK.
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
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 office building with charm, character, and high visibility.
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: Fully remodeled 2600+ sqft office building in a highly sought‑after downtown location, zoned B3 for diverse business uses.; Features 6‑10 offices, 2 bathrooms, large reception area, 2 kitchens, and multiple conference rooms.; Ample parking and high‑visibility signage on MLK.
