215 Commerce St Kingsport, TN 37660

Property Details for 215 Commerce St

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

50.00 lot acres

Property size

6,500 SF

Property type

Office Properties & Spaces

APN

082046P C 01200

APU

082046PC01200

Description

This 6,500 square foot, single-story retail property at 215 Commerce Street in Kingsport, Tennessee, is a distressed sale priced at $815,000 ($125.38/sq ft). Built in 1936 and renovated in 1971, it sits on a 6,900 square foot lot and features a multi-tenant occupancy with a net operating income (NOI) of $18,300 and a 2.25% cap rate. Currently 100% occupied, with one suite leased to a distillery until 01/31/2024, and another vacant suite, this mixed-use property presents a value-add redevelopment opportunity. The property is classified as Class C with a Net Net lease. This is a single entity ownership and is part of a larger portfolio of 22 mixed-use assets in downtown Kingsport. The property is not located in an Opportunity Zone, despite previous marketing materials suggesting otherwise. The building offers potential for investors, 1031 exchange buyers, entrepreneurs, and visionaries seeking to capitalize on the revitalization efforts in downtown Kingsport. The property's prime location offers proximity to local amenities and a strong community. Further details on the larger portfolio are available upon request.