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3404-3585 Frylee Court

Kingsport, TN 37664
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Bed --

Bed

Bath 0

Bath

Acres8.56

Acres(Lot)

*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.

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Detail Ic Property Details

Property Type : Residential Income

Price : $11,999,900

AD Id : 68380768

MLS Id : 9987881

Lot Size : 8.56 Acres

Year Built : 2023

Garage : 2

County : Sullivan

Subdivision: Not In Development

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Feature Features

  • Roofing Information

    Shingle
  • Interior Features

    Entrance Foyer, Granite Counters, Open Floorplan, Pantry, Walk-In Closet(s) Roof: Shingle Appliances: Dishwasher, Disposal, Electric Range, Microwave, Refrigerator Laundry Features: Electric Dryer Hookup, Washer Hookup
  • Heating & Cooling

    Has Heating: Yes Heating: Heat Pump Has Cooling: Yes Cooling: Ceiling Fan(s), Heat Pump

  • Building Information

    Year Built: 2023 Building Area Total: 4454 Construction Materials: Brick, Vinyl Siding Patio And Porch Features: Covered, Front Porch Private Pool: No

  • Lot Information

    Main Square Feet: 8.56 Acres Lot Size Acres: 8.56 Lot Size Square Feet: 372873.6

    Property Information

    Subdivision: The Settlement at Frylee Court Source Property Type: Residential Income Property SubType: Multi Family Levels: Two, One Property Age: 3

  • Listing Price Information

    Listing Price: $11999900 Cash, Conventional

  • Tax Information

    Parcel Number: 062g A 001.00

  • Parking Information

    Driveway, Attached, Concrete, Garage Door Opener

    Garage Information

    Has Garage: Yes Has Attached Garage: Yes Garage Space: 2
    Homeowners Association Information
    Association Amenities: Landscaping Community Features: Sidewalks, Street Lights, Curbs

  • School Information

    Elementary School: Jefferson
    Junior High School: Robinson
    Senior High School: Dobyns Bennett
  • Utility Information

    Cable Available, Electricity Connected, Sewer Connected, Water Connected, Underground Utilities, Cable Connected
  • Location Information

    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. WaterSource: Public Security Features: Carbon Monoxide Detector(s), Smoke Detector(s)
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Nearby Home Value

Address Estimate Bed Bath Sq. Ft Lot Size
4033 Harbor Chapel Road, Kingsport, TN, 37664 $630,000 -- -- --
4006 Memorial Boulevard, Kingsport, TN, 37664 $425,000 -- -- --
2040 Sherwood Road, Kingsport, TN, 37664 $230,000 -- -- --

The data relating to real estate for sale on this website comes in part from the Internet Data exchange (IDX) program of the Tennessee Virginia Regional MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than ByOwner, are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2026 Tennessee Virginia Regional MLS. All Rights Reserved.

ByOwner last updated this listing 06/27/2026 @ 06:07

MLS: 9987881 LISTED BY: Meghan Masters, Property Executives Johnson City 423-952-0226 SOURCE: TennesseeVirginia Regional MLS

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