3404-3585 Frylee Court, Kingsport, TN 37664

• 4,454 sqft

Property Description

*40 UNIT- NEWER CONSTRUCTION, SINGLE FAMILY DETACHED RENTAL HOME COMMUNITY FOR SALE! * 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.

Listing Status:

Active

Date Added:

November 3, 2025 at 06:00AM

Listing Office:

Property Executives Johnson City : 423-952-0226

Listing Agent:

Meghan Masters : 423-202-5208

MLS ID:

9987881

Interior

• General: Entrance FoyerGranite CountersKitchen/Dining ComboPrimary DownstairsOpen FloorplanPantryWalk-In Closet(s)
• Appliances: DisposalDishwasherMicrowaveElectric RangeRefrigerator
• Laundry: Electric Dryer HookupWasher Hookup
• Flooring: Luxury Vinyl
• A/C: Ceiling Fan(s)Heat Pump
• Heating: Heat Pump

Exterior

• Style: RanchTraditional
• Parking: AttachedDrivewayConcreteGarage Door Opener

Construction

• Roofing: Shingle
• General: BrickVinyl SidingOneTwoSlab

Location

• HOA Amenities: Landscaping
• Golf: SidewalksCurbsStreet Lights
• Originating MLS: Tennessee/Virginia Regional MLS
• County: Sullivan

Lot

• Zoning: Residential062g A 001.00

Utilities

• Utilities: Electricity ConnectedSewer ConnectedWater Connected
• Water: Public
• Sewer: Public Sewer

Financial

• Source: Tennessee/Virginia Regional MLS

This listing courtesy of Meghan Masters, Property Executives Johnson City