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    Property profile & analytics

    628 State St Bristol, TN 37620

    • Retail space
    • 21,060 SF
    • 44.00 lot acres
    For Lease
    View listing
    $1,800,000
    Last Sale
    Mar 01, 2021
    $570,000
    Value Estimations
    $555,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0593252
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 628 State St

    Year built
    1929
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    44.00 lot acres
    Property size
    21,060 SF
    Property type
    Retail space
    APN
    082020D F 00500
    APU
    082020DF00500

    Description

    This exceptional 21,060 square foot vacant retail space, located at 628 State Street in Bristol, Tennessee, presents a unique investment opportunity. The property, built in 1929, boasts a versatile layout suitable for a variety of uses, including restaurant, storefront, or bar operations. Its prime location on State Street places it within a bustling and vibrant area known for its strong sense of community and high foot traffic. The building sits on a 7,841 square foot lot, offering ample space for outdoor seating or other potential uses. The property's vacant status allows for complete customization to suit a prospective tenant's specific needs and vision. This mixed-use potential offers a diverse range of income streams, providing a more stable investment compared to single-use properties. The property's rich history and location in Sullivan County, Tennessee, zip code 37620, combine to create a compelling investment proposition. The building's substantial size and versatile nature make it ideal for a large-scale operation or a creative redevelopment project. This is a rare opportunity to acquire a significant commercial property in a thriving Tennessee community. The property's location offers excellent visibility and accessibility, ensuring a strong potential for success. Serious inquiries are encouraged to explore the possibilities this property offers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $485,000
      ML approach
      $685,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $764,000
      Market price range: $765k - $2.23M
      AI Estimate
      $788,000
      Market price range: $789k - $2.58M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bristol
    County
    Sullivan
    State
    Tennessee
    Longitude
    -82.1846
    Latitude
    36.5947
    CBSA code
    28700
    CBSA name
    KINGSPORT-BRISTOL-BRISTOL, TN-VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $12,960
    $146,400
    $159,360
    -
    $32,400
    $366,000
    $398,400

    Comparable in this City

    • Value Estimation
      $265,000
      1,320 SF

      1704 Volunteer Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 1,320 SF
      1704 Volunteer Pkwy, Bristol, TN 37620-6307
      View Details
    • Value Estimation
      $250,000
      352 SF

      1309 Volunteer Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 352 SF
      1309 Volunteer Pkwy, Bristol, TN 37620-5709
      View Details
    • Value Estimation
      $235,000
      1,996 SF

      101 Memorial Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,996 SF
      101 Memorial Dr, Bristol, TN 37620-1701
      View Details
    • Value Estimation
      $270,000
      1,030 SF

      1042 Old Jonesboro Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,030 SF
      1042 Old Jonesboro Rd, Bristol, TN 37620-5561
      View Details
    • Value Estimation
      $275,000
      4,400 SF

      305 Raytheon Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,400 SF
      305 Raytheon Rd, Bristol, TN 37620-5846
      View Details
    • Value Estimation
      $225,000
      11,016 SF

      815 Shelby St

      RETAIL STORES (PERSONAL SERVICES) • 11,016 SF
      815 Shelby St, Bristol, TN 37620-2244
      View Details

    Similar Nearby for Sale

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      Bristol Commercial Property For Sale

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      Downtown Bristol Commercial Building For Sale

      Four-story commercial building in Bristol's thriving business district.
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    Similar Nearby for Lease

    • $699,999
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      Bristol Commercial Property Near Attractions

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    • $9 SF/Yr
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    • $2,000 /Mo
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      Move-In Ready Retail Space

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      Downtown Bristol Commercial Space Available

      8,500 sq ft commercial space in thriving downtown Bristol, TN.
      628 State St, Bristol, TN 37620
      View Details
    • Contact for pricing
      2,260 SF

      Move-In Ready Retail Space

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      1389 Volunteer Pkwy, Bristol, TN 37620
      View Details
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    628 State St
    Bristol, TN 37620
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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