247 Broad StKingsport, TN 37660

Property Details for 247 Broad St

Year built

1930

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

50.00 AC

Property size (Sq ft)

20,800 SF

Property type

Retail properties

Property subtype

Retail space

APN

082046P B 02600

APU

082046PB02600

Description

This exceptional investment opportunity encompasses a diverse portfolio of eleven mixed-use buildings totaling 153,110 square feet in downtown Kingsport, Tennessee. Located within a mile radius, these properties offer a compelling blend of retail, office, and multifamily units, presenting a significant value-add potential. Currently boasting 50 units and 20 pads, the portfolio sits on a combined lot size ranging from 1,474 to 20,623 square feet, with a land value of $439,400 per square foot. Built in 1930 and renovated between 2010 and 2017, the three-story buildings are classified as Class C and operate under a net lease agreement with multi-tenant occupancy. The portfolio currently enjoys a 46% occupancy rate, generating a net operating income (NOI) of $850,332, and is priced at $13,166,417 ($85.99 per square foot). Situated in a designated Opportunity Zone, this portfolio offers substantial tax advantages for qualified investors. The prime downtown location benefits from ongoing revitalization efforts, proximity to amenities, and strong community support. The portfolio's diverse income streams, coupled with the potential for lease optimization and renovations, make it an attractive investment for those seeking both immediate cash flow and long-term appreciation. The seller is open to selling portions of the portfolio or individual buildings. This is an ideal opportunity for 1031 exchange buyers, opportunity zone funds, and investors seeking to capitalize on the significant growth potential of downtown Kingsport.

Location Insight

City

Kingsport

County

Sullivan

State

Tennessee

Latitude

36.547

Longitude

-82.5598

CBSA code

28700

CBSA name

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

Property Tax & Assessments

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