217 Broad StKingsport, TN 37660

Property Details for 217 Broad St

Year built

1920

Lot size

0.16 AC

Property size (Sq ft)

13,200 SF

Property type

Specialty properties

Property subtype

Other specialty properties

APN

082046P B 02100

APU

082046PB02100

Description

This three-story, 6,217 square foot mixed-use property at 217 Broad Street, Kingsport, TN 37660, is a fully occupied, multi-tenant (five tenants) retail building with residential lofts. Built in 1920 and renovated in 2010, it sits on a 6,949 square foot lot and offers a strong 8.44% cap rate with a current NOI of $75,520. The asking price is $894,809 ($125/sq ft). The property features a triple-net (NNN) lease structure with a remaining lease term of approximately two years (expiring August 31, 2025). The first floor comprises retail space, while the second floor houses residential lofts, with one currently available for sale out of nine. This Class B building presents a compelling value-add opportunity in a thriving Opportunity Zone, benefiting from its prime downtown location, diverse income streams, and potential for lease optimization and renovations. The property's strong occupancy (100%) and existing cash flow make it an attractive investment for various profiles, including 1031 exchange buyers and those seeking a sale-leaseback arrangement. The seller is motivated and open to selling the property as part of a larger portfolio or individually.

• Alternative Use

  Use

  Valuation

  Residential

  $2,915,597

  Hospitality

  $2,670,671

  Educational

  $2,221,967

  Medical

  $2,298,384

  Retail

  $3,456,393

Location Insight

City

Kingsport

County

Sullivan

State

Tennessee

Latitude

36.5466

Longitude

-82.5602

CBSA code

28700

CBSA name

KINGSPORT-BRISTOL-BRISTOL, TN-VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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