Four-Unit Quadplex with
For Sale
$379,999
620 Cherry Street, Bristol, TN 37620
Commercial Sale, Bristol, TN
Property Size1,502 SF
Lot Size0.22 Acres
Price / SF$252
Days on Market183
Property Features for 620 Cherry Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B 1A
Subdivision
Not In Subdivision
Directions
Take I-81 N to Bristol GPS FRIENDLY Take exit 74A to merge onto US-11W N/W State St toward Bristol Slight right onto W State St Take Anderson St to 7th St Continue on 7th St. Drive to Cherry St
Standard status
Active
APN
020e D 00900 000
Size
1,502 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
600
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Amenities
laundry room
Building Details
Year built
1910
Building materials
Metal Siding
Roof type
Shingle, Composition
Listing Agency:
CENTURY 21 Legacy Fort Henry · EXIT Realty
(423) 239-6112
Listed By:
Tammy Childress · License #364452
(423) 213-3924
Added: Apr 2
Changed: Sep 13
Last Checked: Oct 1 at 5:06PM
MLS# 9993284
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.
Built in 1910, this four-unit multifamily property contains four one-bedroom, one-bath residences within approximately 1,502 square feet. The units feature hardwood floors, with vinyl flooring in the kitchens and bathrooms. A shared laundry room includes a washer and dryer, and parking is located behind the building. Construction includes metal siding with a composition shingle roof, while cooling is provided by window units.
The property occupies 0.22 acres and is served by public water and public sewer. It is zoned B 1A and is being offered in its current condition. Existing renters have indicated interest in continuing their respective leases with new ownership.
The property occupies 0.22 acres and is served by public water and public sewer. It is zoned B 1A and is being offered in its current condition. Existing renters have indicated interest in continuing their respective leases with new ownership.
Key Highlights
- Four one‑bedroom, one‑bath units in a quadplex configuration
- 1,502 square feet on a 0.22‑acre lot
- Built in 1910 with metal siding and a composition shingle roof
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
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Current Use
Lease Details
4
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - 1910 multifamily property with four one-bedroom residences, shared laundry, rear parking, and public utilities.
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 quadplex configuration; 1,502 square feet on a 0.22‑acre lot; Built in 1910 with metal siding and a composition shingle roof
