Redevelopment Site in Gatlinburg

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30359590
Property Subtypes: Mixed Use
Status: Pending/Contingent
Number of Units: 3 Units
Building Size (RSF): 2,403 SF
Gross Land Area: 3.10 Acres
Sale Price: $499,000
Unit Price: $166,333.33 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/30/2021

Overview / Comments

This 3.1-acre property is improved with three older occupied houses (1456, 580, and 367 sq.ft.) that have only limited rental potential due to their age and condition. House #1 is a 2-story with 2 BD up and 2 BD down, 1 BA, and gas heat. House #2 is 1 BD/1BA with space heaters. House #3 is 1BR/1BA with space heaters. No rental information is available.

The property is located a short distance off East Parkway (US 321) within the city limits of Gatlinburg, TN.

It fronts a rushing mountain creek and is accessed via a small one-lane bridge. The TN Dept. of Transportation has fully funded a bridge renovation, with engineering planning now underway.

Redevelopment with cabin(s) or multifamily dwellings is probably the highest and best use of this property, but it will be limited until the bridge work has been completed. The R-2 Medium Density Residential District zoning allows for such uses as single family, two-family and multi-family dwellings, bed and breakfasts, boarding and rooming houses, and tourist residential dwellings.
3.1-acre Redevelopment Site in Gatlinburg
R-2 Medium Density Residential Zoning District
Municipal Utilities Available
Gently rolling to sloping topography; rushing mountain creek
Improved with 3 older occupied houses

Attachments & Media

Additional Details

Nearest MSA: Sevierville
County: Sevier
Tax ID/APN: 126L B 010.00
Percent Occupied: 100%
Property Located Between: Poplar Lane and East Parkway
Highway Access: Spruce Lane
Site Description: 3.1-acre tract, improved with three older occupied houses and currently accessed by a one-lane bridge which is to be renovated by the TN Dept. of Transportation. There is a rushing mountain creek on the property.
Area Description: Located a short distance off East Parkway (US 321) in Gatlinburg and close to retail shops, restaurants, Ripley's Aquarium of the Smokies, Ober Gatlinburg, Anakeesta, and other Gatlinburg attractions.
Total Number of Buildings: 3
Property Condition: Poor
Number of Stories: 2
Year Built: 1920
Parking Type: Surface
Parking Description: Onsite, paved and graveled
Zoning Description: R-2 Medium Density Residential District
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress
Easements Description: 12' Joint Easement
Land Ownership: Fee Simple
Legal Description: Map 126L, Group B, Parcel 010.00

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,673 5,146 9,584
Median Age: 38.79 44.32 43.56
Households: 706 2,175 3,982


Photograph of Listing Agent

David L. Gothard

NAI Koella | RM Moore KAAR CIE Member
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