Located in the northeastern corner of Tennessee, the Tri-Cities area refers to Johnson City, Kingsport, and Bristol. The 9-county CSA has a population of 592,933 and is located roughly 100 miles northeast of Knoxville. Perhaps the most well-known attraction in the Tri-Cities is Bristol Motor Speedway, a world-famous NASCAR track. Several of the area’s largest employers are large healthcare chains. Ballad Health employs 13,800 people throughout 29 counties and operates 3 hospitals with bed counts over 300 (Johnson City Medical Center, Bristol Regional Medical Center, and Holston Valley Medical Center). VA Mountain Home Healthcare employs 3,000 people throughout a 41-county region, anchored by the James H. Quillen VA Medical Center, and Frontier Health employs another 1,100. KVAT Food Stores (Food Lion) is headquartered in Abingdon, VA, and Eastman Chemical Company (6,500 jobs) is headquartered in Kingsport. East Tennessee State University (ETSU) is the area’s largest university with an enrollment of 13,378 and 2,400 jobs, and the K-12 school systems employ 6,260 people.
The Johnson City-Kingsport-Bristol, TN-VA Combined Statistical Area is home to 119 multifamily properties and 13,756 units.
Multifamily Highlights
Apartment Market Overview:
119
Apartment Communities (50+ units)
13,756
Total Units (50+ units)
$1,031
Avg. Asking Rent
4.84%
Rent Growth (Previous 12 Months)
95.4%
Occupancy
12-Month Sales:
$31M
12-month Sales Volume ($)
515
12-month Sales (Units)
6
12-month Sales (# of transactions)
Development Pipeline:
0
Properties Under Construction
0
Units Under Construction
Economic Development
In April 2023, Citigroup opened up a brand new $23 million, 48,000 SF facility in Boones Creek (northern Washington County). Citigroup is one of the area’s largest employers, with 2,200 local jobs.
In June 2023, plastics company PVS Plastics Technology Corp announced it will bring roughly 36 jobs to Johnson City, with most of the hires made by June 2024.
Hull Property Group has made recent investments in Fort Henry Mall, located in Kingsport. Investments include a new IMAX theater, a restaurant, and a butcher shoppe. The mall has also attracted Rural King to buy and redevelop a former JCPenney.
Demographics
Total Population
592,933
Population Growth (2021-22)
1.07%
Unemployment Rate (Oct 2023)
3.6%
Major Employers
Ballad Health
13,800 jobs (29 counties) / 2,047 beds | Learn More
William is originally from Jackson, TN and attended the University of Tennessee majoring in College Scholars. William founded The Kirkland Company in 2007 and enjoys learning from clients and studying other entrepreneurs.
Miller Harris
Tennessee
Miller Harris
Tennessee
Email: mharris@thekirklandco.com
Phone: (615) 690-3001 x222
Miller is originally from Nashville, TN and attended the University of North Carolina at Chapel Hill where he studied Economics. He has been a Broker with TKC since 2007 covering the Tennessee market.
Dennis Harris
TN | Carolinas
Dennis Harris
TN | Carolinas
Email: dharris@thekirklandco.com
Phone: (615) 690-3001 x223
Dennis is originally from Chattanooga, TN and attended the University of Tennessee where he majored in Business Administration and Finance. He has been a Broker with TKC since 2008 and enjoys interacting with and learning from clients of different backgrounds across the globe. He also loves the competition within the industry.
Kyle Mayes
Tennessee
Kyle Mayes
Tennessee
Email: kmayes@thekirklandco.com
Phone: 615-690-3001
Kyle is an Alabama native who studied Marketing at Lipscomb University. He finds passion in his role and the opportunity it affords to create lasting relationships with clients and his internal team alike.
Zac Wracher
Tennessee
Zac Wracher
Tennessee
Email: zwracher@thekirklandco.com
Phone: (615) 690-3001 x235
Zac has called Los Angeles, CA Atlanta, GA and Nashville, TN home at one point or another. He attended the University of Tennessee where he majored in Marketing with a minor in Entrepreneurship. He started at TKC as an intern but has been a Broker since 2018. He loves the competitiveness of the business and getting to sell a product that he believes in.
Julia Le
Financial Analyst
Julia Le
Financial Analyst
Email: jle@thekirklandco.com
Phone: 615-690-3001
Julia was born in Nashville, TN and attended Lipscomb University where she majored in Finance. She has been an Underwriter with The Kirkland Company since 2022, and loves the positive company culture and being on a team that is hardworking and competitive.
Sources & Comments
1. The Johnson City-Kingsport-Bristol, TN-VA Combined Statistical Area is comprised of 9 counties, according to the Office of Management and Budget (1) Carter TN (2) Greene TN (3) Hawkins TN (4) Sullivan TN (5) Unicoi TN (6) Washington (TN) (7) City of Bristol VA (8) Scott VA (9) Washington VA
4. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy
