The Progress Building — Move-In Ready Office & Co-Working in Downtown Kingsport | For Sale or Lease $2,446,000

FOR SALE / LEASE  |  247 Broad St., Kingsport, TN 37660  |  Sale: $2,446,000

Move-In Ready Office & Co-Working Space in Downtown Kingsport

Turnkey professional space in the historic core of Downtown Kingsport. The Progress Building at 247 Broad Street offers move-in ready office space on Kingsport's revitalized Broad Street corridor, available for sale or lease. Unlike value-add projects that require months of build-out, this property is positioned for immediate lease or purchase: ideal for a medical office, law firm, dental practice, technology office, or coworking operator seeking a prominent downtown address. With local grants available, the property is a compelling opportunity for owner-users and investors alike — occupy it, lease it, or both.

Year Built

1930

Approx. Building Size

±26,000 SF

Zoning

B-2 — Central Business District (CBD)

Offered As

For Sale ($2,446,000) or For Lease

Steady Growth Without the Boom-Bust Risk

Kingsport's steady, measured growth is its quiet advantage. Fast-growing markets like Nashville often overbuild during boom cycles and pay for it in vacancy spikes. Kingsport doesn't carry that risk. Commercial fundamentals here are unusually tight across every sector — Office at 4.0% vacancy, Retail at 1.5%, and Multifamily at 5.6%, all outperforming national averages.

What makes this property a rare opportunity is the location: the historic core of downtown, where the inventory is finite and effectively irreplaceable. You can't build more historic buildings, and the city isn't adding new ones to the downtown center anytime soon.

The property sits inside Kingsport's Central Business District — a TIF District, PILOT District, federally designated Qualified Opportunity Zone, and Tennessee Main Street area — making it eligible for the City's Façade Grant, Redevelopment Grant, and Downtown Kingsport Loan programs.

Kingsport buying power per dollar of retail rent is 10% to 24% higher than Knoxville, Nashville, and Asheville, NC. This metric is critical: rent is ultimately funded by tenant revenue, which is directly tied to the purchasing power of the surrounding population. In Kingsport, that relationship is more favorable.

Built for Professional Users — Medical, Law, Dental, Tech & Co-working

The Progress Building sits inside Kingsport's B-2 Central Business District — the city's most flexible and use-permissive commercial zone — and its move-in ready condition makes it especially well suited for professional and office users, including:

• Medical & Dental Office — urgent care, primary care, dental and orthodontic, optometry, dermatology, physical therapy, behavioral health and counseling, telehealth hubs, med spa and aesthetics.
• Law Office — law, accounting and CPA, title and escrow, court reporting, mediation and arbitration offices, and other professional practices seeking a prestigious downtown address near civic and county offices.
• Technology Office — software and tech startups, IT managed services, cybersecurity firms, AI and data consultancies, creative and media agencies, and small accessory data center uses.
• Coworking & Executive Suites — coworking spaces, business incubators and accelerators, and furnished executive suite concepts serving downtown Kingsport's growing professional community.
• Financial & Professional Services — banking, mortgage and lending, insurance, real estate, financial advisory, wealth management, and marketing/PR agencies.

For sale to an owner-user or investor, or for lease to established practices and growing firms — contact the listing agent for lease rates and available configurations.

Zoning: B-2 — Central Business District (CBD)

The property is located within the heart of Downtown Kingsport's B-2 Central Business District, one of the city's most flexible commercial zoning districts. B-2 is intended to encourage a vibrant, pedestrian-oriented downtown by allowing a broad mix of commercial, office, retail, restaurant, entertainment, residential, and mixed-use development. Permitted and commonly supported uses include retail storefronts, professional and medical offices, restaurants, breweries, bars and coffee shops, boutique hotels and hospitality, creative office and coworking space, entertainment venues, personal service businesses, mixed-use redevelopment projects, and multifamily/upper-floor residential conversions.

The district is designed to support higher-density urban development while preserving the character of Downtown Kingsport. Existing infrastructure, walkability, public parking, and nearby civic amenities make the location well suited for adaptive reuse, owner-occupant businesses, or long-term investment.

Downtown Improvement Grant (DIG) Program

Façade Grant Program: encourages the revitalization of building facades and improved aesthetics in the city's Central Business District, with grant assistance available through the Kingsport Economic Development Board (KEDB) for the City of Kingsport, Tennessee.

Redevelopment Grant Program: encourages the revitalization of building sites, with special emphasis on the Central Business District, with grant assistance through the KEDB.

Learn more at the city's incentives page: kingsporttn.gov/ecd/incentives

Parking

A 364-space public parking garage is a 3-minute walk (~100 yards) from the building, and Downtown Kingsport offers 1,800+ public parking spaces overall.

$294M Capital Improvement Plan (2025–2029)

Kingsport, Tennessee is currently undergoing significant infrastructure and beautification efforts aimed at revitalizing its downtown and enhancing public spaces:

• Main Street Rebuild Project — revitalizing the downtown area from Market Street to Sullivan Street: new water, sewer, and stormwater lines, utilities moved underground, stamped brick crosswalks, landscaping, and bulb-outs.
• Downtown Public Art & Aesthetic Enhancements — vinyl utility-box wraps featuring local history and a comprehensive Downtown Master Plan by TSW Design.
• Riverwalk Park Expansion — $7.8 million BlueCross BlueShield of Tennessee Foundation grant adding amenities along the 11-mile Greenbelt.
• Residential Growth — over 1,200 residential permits issued in the last five years, adding roughly 2,500 new residential units.
• Industrial & Commercial Growth — redevelopment of the Dobyns-Taylor Warehouse and expansion of the IMAX theater at Fort Henry Mall.

Contact the Listing Agent

Carson Lee Jones
615-212-5524
[email protected]

Disclaimer: All information contained herein has been obtained from sources deemed reliable; however, no representation or warranty is made as to its accuracy. Prospective purchasers should verify all square footage, zoning compliance, incentive program eligibility, and permitted uses with the appropriate authorities and their own professional advisors. eXp Commercial, LLC and its affiliates make no guarantee, warranty or representation, expressed or implied, about the information above, which is submitted subject to errors, omissions, price changes, prior sale, lease or financing, or withdrawal without notice.