Flex Space with Freight
For Sale
$829,900
5602 Kingsport Highway, Gray, TN 37615
Commercial Sale, Gray, TN
Property Size7,832 SF
Lot Size1.08 Acres
Price / SF$105.96
Days on Market183
Property Features for 5602 Kingsport Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B4
Subdivision
J B Rice
Directions
heading north on Kingsport Hwy towards Gray; building is on main corridor on yoru right.
Standard status
Active
APN
013i A 01000 000
Size
7,832 SF
Lot size
1.08 Acres
Additional Details
Property Use
Commercial
Condition
Built-Out
Taxes and HOA fees
Tax Annual Amount
1502
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
pylon signage
truck dock
break room
Building Details
Year built
1960
Building materials
Block, Concrete, Synthetic Stucco
Roof type
Metal, Shingle, Rubber
Buildings
1
Listing Agency:
REMAX Checkmate, Inc. Realtors · RE/MAX International
(423) 282-0432
Listed By:
Jay Goodson · License #329807
(423) 612-3035
Added: Apr 29
Changed: Oct 25
Last Checked: Oct 28 at 12:06PM
MLS# 9994644
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.
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Investment Insights
Based on property information with market context.
This 7832-square-foot flex property at 5602 Kingsport Highway in Gray, Tennessee, combines finished commercial areas with functional warehouse space. The upper level includes a showroom, lobby, offices, and break room, while the lower level provides a truck dock and freight elevator for movement between areas. Central heating and central air serve the building, and the HVAC system was replaced in 2024. Block, concrete, and synthetic stucco construction support the existing improvements.
The property occupies a 1.08-acre site and includes the adjacent .36-acre parcel. More than 150 ft of road frontage, pylon signage, and a B4 zoning designation add practical value for an owner-user or commercial operation. The roof includes shingle, rubber, and metal components.
The property occupies a 1.08-acre site and includes the adjacent .36-acre parcel. More than 150 ft of road frontage, pylon signage, and a B4 zoning designation add practical value for an owner-user or commercial operation. The roof includes shingle, rubber, and metal components.
Key Highlights
- 7832 square feet of flex space with showroom, lobby, offices, and break room
- Lower level includes a truck dock and freight elevator
- HVAC replaced in 2024; central heating and central air
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,424
Cap Rate
6.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,148,480
$1.1M
Cap Rate 7%
$820,343
$820.3K
Cap Rate 9%
$638,044
$638.0K
Market Conditions
NOI Build-Up for 7,832 SF
Gross rent
$94.0K $12.00/SF
− Vacancy
−$5.6K −$0.72/SF
EGI
$88.3K $11.28/SF
− OpEx
−$30.9K −$3.95/SF
NOI
$57.4K $7.33/SF
Area
Washington County, TN
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,148,480
Cap Rate 7%
$820,343
Cap Rate 9%
$638,044
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,525 @ 7.0% cap · market cap 14.76%
Second Best
Office B
$1.65M
$1.45M – $1.93M
NOI $115,600 @ 7.0% cap · market cap 13.93%
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $231,201 @ 7.0% cap · market cap 27.86%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
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Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
91
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37615, TN
22,151
Population
9,946
Households
2.2
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
37.6 sq mi
ZIP Area
589
Density / Sq Mi
$75,556
Median Household Income
$43,758
Median Earnings
$966
Median Rent
$261,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial facility combining finished customer-facing areas with warehouse functionality and B4 zoning.
Where is this flex space located?
The property is located at 5602 Kingsport Highway Gray, TN.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: 7832 square feet of flex space with showroom, lobby, offices, and break room; Lower level includes a truck dock and freight elevator; HVAC replaced in 2024; central heating and central air
