4,454 SqFt
4,454 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,454 sqft
Price per Sqft $3,008
Subdivision The Settlement At Frylee Court
MLS Listing ID 9987881
Style Ranch,Traditional
HOA Y/N No
Year Built 2023
Lot Size 8.560 Acres
Acres 8.56
Property Sub-Type Multi Family
Source Tennessee/Virginia Regional MLS
Property Description
The Settlement at Frylee Court represents a rare opportunity to acquire a fully stabilized, newly constructed single-family rental (SFR) community in the heart of Kingsport, Tennessee. Completed between 2023 and 2024, this high-quality portfolio consists of 40 SINGLE FAMILY-DETACHED homes averaging 1,520 square feet across three distinct floorplans. Designed for modern living, each residence features energy-efficient construction, contemporary finishes, and thoughtfully designed open layouts. The homes were developed with long-term durability and minimal maintenance in mind, resulting in operational efficiency and predictable performance for ownership.
Currently maintaining 97.5%-100% occupancy with average monthly rents of $2,221, the community is fully stabilized and performing exceptionally well within the local rental market. Each home is platted on its own lot, providing investors with the flexibility to hold the portfolio for long-term cash flow or pursue a phased exit strategy through individual home sales.
Investment Highlights
•New Construction (2023-2024): Modern, energy-efficient homes designed to minimize maintenance and maximize tenant satisfaction.
•Stabilized Performance: Consistent occupancy near 100% and a proven rent roll delivering a $814, 802 NOI and 6.08% cap rate.
•Attractive Rent Growth: Projected annual rent increases of 5%, driven by strong demand for quality rental housing in Kingsport.
•Luxury Appeal: Upscale design features including stainless steel appliances, premium flooring, spacious kitchens, and open-concept living spaces.
•Prime Location: Centrally located in Kingsport City Limits, offering convenient access to major employers, shopping, dining, and top-rated schools.
•Diversified Floorplans: Three different home layouts catering to a range of lifestyles, from young professionals to families and retirees.
•Flexible Exit Strategy: Homes are individually platted, allowing for individual sales or bulk disposition to maximize investment return.
•Strong Market Fundamentals: Kingsport's steady population growth, affordability, and employment stability support long-term investor confidence.
Situated in the rapidly growing Tri-Cities region of Northeast Tennessee, Kingsport has emerged as a strong-performing rental market, driven by steady population growth, economic expansion, and limited supply of new single-family homes. The area benefits from proximity to major regional employers in healthcare, manufacturing, education, and logistics, including Eastman Chemical, Ballad Health, and the Kingsport City School District. The community's central location ensures short commute times to major employment hubs, while the surrounding infrastructure and established neighborhood appeal makeS Frylee Court an ideal choice for stable, long-term tenancy.
As one of the only single-family rental home communities in the Tri-Cities Region, Frylee Court is positioned to outperform in occupancy and rent growth while maintaining operational stability. With its flexible ownership structure, strategic location, and enduring demand for high-quality housing, this community stands out as a premier investment opportunity in East Tennessee.
Location
State TN
County Sullivan
Community The Settlement At Frylee Court
Area 8.56
Zoning Residential
Direction From Ft. Henry Mall, take Memorial Blvd to Conway Dr. Turn Right on Conway and follow to the top at the intersection of Hillrise Dr. On the Right you will see The Settlement at Frylee Ct.
Interior
Interior Features Entrance Foyer, Granite Counters, Kitchen/Dining Combo, Open Floorplan, Pantry, Walk-In Closet(s)
Heating Heat Pump
Cooling Ceiling Fan(s), Heat Pump
Flooring Luxury Vinyl
Appliance Dishwasher, Disposal, Electric Range, Microwave, Refrigerator
Heat Source Heat Pump
Laundry Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features Driveway, Attached, Concrete, Garage Door Opener
Garage Spaces 2.0
Community Features Sidewalks, Street Lights, Curbs
Utilities Available Electricity Connected, Sewer Connected, Water Connected, Underground Utilities, Cable Connected
Amenities Available Landscaping
Roof Type Shingle
Topography Cleared
Porch Covered, Front Porch, Rear Patio
Total Parking Spaces 2
Building
Entry Level Two,One
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Ranch, Traditional
Structure Type Brick,Vinyl Siding
New Construction No
Schools
Elementary Schools Jefferson
Middle Schools Robinson
High Schools Dobyns Bennett
Others
Senior Community No
Tax ID 062g A 001.00
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Agent | License ID: 354366
308 N PETERS RD. STE 225, KNOXVILLE, TN, 37922, United States