Four-Plex Rental
For Sale
Contact for pricing
620 Cherry Street, Bristol, TN 37620
Four one-bedroom, one-bath units offer hardwood flooring, vinyl in kitchens and bathrooms, and on-site laundry.
Property Size1,502 SF
Price / SF$252
Days on Market153
Property Features for 620 Cherry Street
General Information
Standard status
Active
Size
1,502 SF
Property subtype
Special Purpose
Additional Details
Multifamily Units
4
Amenities
laundry room
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
CENTURY 21 Legacy Kingsport
Listed By:
Tammy Childress · License #TN
(423) 213-3924
Source:
Crexi
Added: Apr 9
Changed: Aug 28
Last Checked: Sep 8 at 8:21AM
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 CENTURY 21 Legacy Kingsport
Investment Insights
Based on property information with market context.
This four-plex rental property contains four one-bedroom, one-bath units. Each unit features hardwood flooring throughout the living areas, with vinyl finishes in the bathrooms and kitchens. A laundry room with a washer and dryer is located just to the left of the foyer when entering from the front door. Parking is available behind the four-plex. The property is being sold as-is where-is, and buyers and their agents are responsible for verifying all material information, including condition, dimensions, system functionality, and suitability.
The building runs through a historic residential area just north of downtown Bristol, TN and Bristol, VA.
Unit 1 is located just inside the front door, Unit 2 is accessed out the front door to the right when facing the street, and Units 3 and 4 are located at the top of the stairs to the left and directly at the top of the stairs, respectively.
The building runs through a historic residential area just north of downtown Bristol, TN and Bristol, VA.
Unit 1 is located just inside the front door, Unit 2 is accessed out the front door to the right when facing the street, and Units 3 and 4 are located at the top of the stairs to the left and directly at the top of the stairs, respectively.
Key Highlights
- Four one‑bedroom, one‑bath units in a four‑plex rental property
- Year built: 1910
- Hardwood flooring throughout all units; vinyl in kitchens and bathrooms
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
$11,207
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
2.95%
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%
$224,140
$224.1K
Cap Rate 7%
$160,100
$160.1K
Cap Rate 9%
$124,522
$124.5K
Market Conditions
NOI Build-Up for 1,502 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
$17.1K $11.40/SF
− Vacancy
−$1.1K −$0.74/SF
EGI
$16.0K $10.66/SF
− OpEx
−$4.8K −$3.20/SF
NOI
$11.2K $7.46/SF
Area
Sullivan County, TN
Vacancy
6.50%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$224,140
Cap Rate 7%
$160,100
Cap Rate 9%
$124,522
Alternative Uses
Best Use
Multifamily LT 5
$160.1K
$140.1K – $186.8K
NOI $11,207 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$149.9K
$131.2K – $174.9K
NOI $10,492 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$562.5K
$492.2K – $656.2K
NOI $39,373 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,086
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 Multifamily 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?
Quadplex - Four one-bedroom, one-bath units offer hardwood flooring, vinyl in kitchens and bathrooms, and on-site laundry.
Where is this quadplex located?
The property is located at 620 Cherry Street Bristol, TN.
What is the asking price?
The asking price for this property is $379,999.
What are key features of this property?
This property features: Four one‑bedroom, one‑bath units in a four‑plex rental property; Year built: 1910; Hardwood flooring throughout all units; vinyl in kitchens and bathrooms
