Church Property with Fellowship
For Sale
$499,999
607 Greenfield Pl, Bristol, TN 37620
R-1-zoned facility with worship, administrative, kitchen, nursery, and parking components supporting continued religious use or flex space.
Property Size6,300 SF
Lot Size5.20 Acres
Price / SF$79.36
Days on Market45
Property Features for 607 Greenfield Pl
General Information
Standard status
Active
Size
6,300 SF
Lot size
5.20 Acres
Zoning
R-1
Building Details
Year Built
1961
Listing Agency:
Blue Ridge Properties
(423) 292-2769
Listed By:
Alan Hill · License #342989
Source:
Thecolinandcarlygroup
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 30 at 7:22PM
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 Blue Ridge Properties
Investment Insights
Based on property information with market context.
This 6,300-square-foot church facility occupies 5.2 acres at 607 Greenfield Pl in Bristol, Tennessee. The interior includes a sanctuary with a nave accommodating more than 100 people, along with a fellowship hall, nursery, eight offices, a full kitchen with dishwasher, and three and a half bathrooms. On-site parking serves the building.
R-1 zoning supports the property’s established church use, while the existing mix of assembly, office, kitchen, and support areas also provides a basis for adaptable flex-space applications. The site combines a substantial land area with an existing religious facility and multiple functional spaces.
R-1 zoning supports the property’s established church use, while the existing mix of assembly, office, kitchen, and support areas also provides a basis for adaptable flex-space applications. The site combines a substantial land area with an existing religious facility and multiple functional spaces.
Key Highlights
- 5.2‑acre church property at 607 Greenfield Pl, Bristol, TN
- 6,300‑square‑foot facility with a nave seating over 100 people
- Includes a fellowship hall, nursery, and eight offices
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
$45,700
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
9.14%
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%
$914,000
$914.0K
Cap Rate 7%
$652,857
$652.9K
Cap Rate 9%
$507,778
$507.8K
Market Conditions
NOI Build-Up for 6,300 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
$75.6K $12.00/SF
− Vacancy
−$5.3K −$0.84/SF
EGI
$70.3K $11.16/SF
− OpEx
−$24.6K −$3.91/SF
NOI
$45.7K $7.25/SF
Area
Sullivan County, TN
Vacancy
7.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$914,000
Cap Rate 7%
$652,857
Cap Rate 9%
$507,778
Alternative Uses
Best Use
Flex RnD
$652.9K
$571.3K – $761.7K
NOI $45,700 @ 7.0% cap · market cap 9.14%
Second Best
Industrial
$596.1K
$521.6K – $695.5K
NOI $41,727 @ 7.0% cap · market cap 8.35%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,147 @ 7.0% cap · market cap 33.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
149
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - R-1-zoned facility with worship, administrative, kitchen, nursery, and parking components supporting continued religious use or flex space.
Where is this church & religious facility located?
The property is located at 607 Greenfield Pl Bristol, TN.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 5.2‑acre church property at 607 Greenfield Pl, Bristol, TN; 6,300‑square‑foot facility with a nave seating over 100 people; Includes a fellowship hall, nursery, and eight offices
