Multi-Unit Strip
For Sale
$425,000
930 Wilcox Court, Kingsport, TN 37660
Individual restrooms and PTAC systems support office, retail, and service-oriented occupancy.
Property Size1,850 SF
Price / SF$229.73
Days on Market10
Property Features for 930 Wilcox Court
General Information
Standard status
Active
Size
1,850 SF
Financials
Asking Price
$425,000
Gross Income
$34,800
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Amenities
private restrooms
individual PTAC heating and cooling units
customer parking
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Property Executives Johnson City
(423) 952-0226
Listed By:
Mary Ann Patton · License #270165
(423) 677-6592
Source:
Exprealty
Added: Sep 14
Changed: Sep 20
Last Checked: Sep 22 at 9:18PM
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 Property Executives Johnson City
Investment Insights
Based on property information with market context.
This strip mall contains 8 units, with Units 3 and 4 configured together as a larger premises. Each unit includes a restroom, two separate rooms, and an individual PTAC heating and cooling system. One unit is currently available for lease, while the existing layout accommodates office, retail, and service-based uses.
Customer parking is provided in the front lot, with additional spaces along the side of the building. The property is located just off Wilcox Drive in Kingsport and approximately 1.6 miles from I-26, providing convenient access for occupants and visitors. Tenants separately handle their electric service, and water is supplied through one shared meter.
Customer parking is provided in the front lot, with additional spaces along the side of the building. The property is located just off Wilcox Drive in Kingsport and approximately 1.6 miles from I-26, providing convenient access for occupants and visitors. Tenants separately handle their electric service, and water is supplied through one shared meter.
Key Highlights
- 8‑unit strip mall with Units 3 and 4 combined into one larger space
- One unit currently available for lease
- Each unit includes a restroom, two rooms, and an individual PTAC system
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
$28,584
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
6.73%
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%
$571,680
$571.7K
Cap Rate 7%
$408,343
$408.3K
Cap Rate 9%
$317,600
$317.6K
Market Conditions
NOI Build-Up for 1,850 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
$42.6K $23.04/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$40.8K $22.07/SF
− OpEx
−$12.3K −$6.62/SF
NOI
$28.6K $15.45/SF
Area
Sullivan County, TN
Vacancy
4.20%
Lease Rate
$23.04 /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%
$571,680
Cap Rate 7%
$408,343
Cap Rate 9%
$317,600
Alternative Uses
Best Use
Retail
$408.3K
$357.3K – $476.4K
NOI $28,584 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$692.8K
$606.2K – $808.3K
NOI $48,495 @ 7.0% cap · market cap 11.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 37660, TN
39,479
Population
20,405
Households
1.9
Avg Household Size
45
Median Age
24%
College-Educated
88%
High-School Grad
65.7 sq mi
ZIP Area
601
Density / Sq Mi
$46,913
Median Household Income
$34,164
Median Earnings
$833
Median Rent
$177,800
Median Home Value
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Strip mall - Individual restrooms and PTAC systems support office, retail, and service-oriented occupancy.
Where is this strip mall located?
The property is located at 930 Wilcox Court Kingsport, TN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 8‑unit strip mall with Units 3 and 4 combined into one larger space; One unit currently available for lease; Each unit includes a restroom, two rooms, and an individual PTAC system
