19-Unit Apartment
New
For Sale
$1,400,000
Kingsport, TN 37664, Kingsport, TN 37664
Multi Family, Kingsport, TN
Property Size12,586 SF
Lot Size1.12 Acres
Price / SF$111.23
Days on Market3
Property Features
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B 3
Elementary school
Jefferson
Middle school
Robinson
High school
Dobyns Bennett
Subdivision
Not In Subdivision
Standard status
Active
Lot size
1.12 Acres
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Taxes and HOA fees
Tax Annual Amount
6084
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1969
Number of units
19
Roof type
Shingle, Rubber, Metal
Buildings
4
Listing Agency:
KW Johnson City · Keller Williams Realty
(423) 433-6500
Listed By:
Ryan McKinney · License #322580
(423) 773-1607
Added: Oct 26
Last Checked: Oct 28 at 1:06PM
MLS# 10002583
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property comprises four buildings totaling approximately 12,586 gross square feet across four contiguous parcels. The existing configuration includes 19 units: 17 studios or one-bedroom units, one two-bedroom, two-bath apartment, and a detached three-bedroom, two-bath residence. Select units have updated kitchenettes, private bathrooms, luxury vinyl plank flooring, and finishes; furnishings convey. The operation combines weekly extended-stay rentals with longer-term residential accommodations. Eleven unfinished units could expand the total to 30, subject to completion work and required approvals.
The commercial parcels are identified as B-3 Highway Oriented Business, while the residence parcel is identified as R-3 Low Density Apartment. The assemblage has approximately 100 feet of Fort Henry Drive frontage and 180 feet of Memorial Court frontage, with approximately 35 parking spaces and public water, sewer, and electricity. The property is 0.3 mile from the Fort Henry Drive and Memorial Boulevard intersection, near Fort Henry Mall, shopping, dining, Eastman's Kingsport campus, and area hospitals.
As of September 22, 2026, 16 of the 18 units in Buildings 1 and 2 were leased, representing 88.9% occupancy in those buildings; the residence was vacant. An owner's stabilized pro forma indicates a 7.43% cap rate for the existing 19-unit configuration. The stated occupancy, financial projections, renovation scope, zoning, and possible uses require independent verification and applicable approvals.
The commercial parcels are identified as B-3 Highway Oriented Business, while the residence parcel is identified as R-3 Low Density Apartment. The assemblage has approximately 100 feet of Fort Henry Drive frontage and 180 feet of Memorial Court frontage, with approximately 35 parking spaces and public water, sewer, and electricity. The property is 0.3 mile from the Fort Henry Drive and Memorial Boulevard intersection, near Fort Henry Mall, shopping, dining, Eastman's Kingsport campus, and area hospitals.
As of September 22, 2026, 16 of the 18 units in Buildings 1 and 2 were leased, representing 88.9% occupancy in those buildings; the residence was vacant. An owner's stabilized pro forma indicates a 7.43% cap rate for the existing 19-unit configuration. The stated occupancy, financial projections, renovation scope, zoning, and possible uses require independent verification and applicable approvals.
Key Highlights
- Four buildings with approximately 12,586 gross square feet and 19 existing units
- Eleven unfinished units could bring the property to 30 units
- 16 of 18 units in Buildings 1 and 2 leased as of September 22, 2026; 88.9% occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,919
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,758,380
$1.8M
Cap Rate 7%
$1,255,986
$1.3M
Cap Rate 9%
$976,878
$976.9K
Market Conditions
NOI Build-Up for 12,586 SF
Gross rent
$169.2K $13.44/SF
− Vacancy
−$9.3K −$0.74/SF
EGI
$159.9K $12.70/SF
− OpEx
−$71.9K −$5.72/SF
NOI
$87.9K $6.99/SF
Area
Sullivan County, TN
Vacancy
5.50%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,758,380
Cap Rate 7%
$1,255,986
Cap Rate 9%
$976,878
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $87,919 @ 7.0% cap · market cap 6.28%
Second Best
Hotel Hospitality
$1.13M
$986.4K – $1.32M
NOI $78,914 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$4.71M
$4.12M – $5.50M
NOI $329,926 @ 7.0% cap · market cap 23.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
19
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 37664, TN
28,748
Population
13,914
Households
2.1
Avg Household Size
44
Median Age
34%
College-Educated
92%
High-School Grad
33.9 sq mi
ZIP Area
848
Density / Sq Mi
$61,164
Median Household Income
$37,047
Median Earnings
$817
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - An operating extended-stay and residential property includes unfinished space for additional units.
Where is this apartment building located?
The property is located at Kingsport, TN.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Four buildings with approximately 12,586 gross square feet and 19 existing units; Eleven unfinished units could bring the property to 30 units; 16 of 18 units in Buildings 1 and 2 leased as of September 22, 2026; 88.9% occupancy
