Gatlinburg Redevelopment Opportunity

Hospitality for Sale
Sale Pending/Contingent
Catylist Listing ID: 30132569
Property Subtypes: Motel, Other
Status: Pending/Contingent
Number of Units: 18 Units
Building Size (RSF): 7,776 SF
Gross Building Area: See Agent
Gross Land Area: 1.24 Acres
Sale Price: $1,350,000
Unit Price: $75,000 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Former Kingwood Inn
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/25/2019

Overview / Comments

Exclusively offered for sale is this prime commercial redevelopment site in downtown Gatlinburg. Formerly operated as the Kingwood Inn, much of the improvements were destroyed by fire in 2016. The burn debris has been removed and the site cleaned up. One 3-story, 18-room building remains and can be returned to usable condition. However, the property is priced as if vacant for redevelopment. There are no financial operating records available.

The property is located adjacent to Arrowmont School of Arts & Crafts and Pi Beta Elementary School. It is a short walking distance to the Parkway, Ripley's Aquarium of the Smokies, and the new Anakeesta Aerial Adventure Park.

The main property consists of an 0.92-acre tract. There is an additional 0.32-acre tract that is close to but not contiguous with the main property. These properties are offered as an aggregate, but may be purchased separately as follows: Parcels 005 & 007: $1,000,000; Parcels 002 & 003: $350,000.

Attachments & Media

Additional Details

Nearest MSA: Sevierville
County: Sevier
Tax ID/APN: 126N
Zoning: C-2
Property Visibility: Good
Largest Nearby Street: Parkway (US 441)
Feet of Frontage: 476
Highway Access: Parkway (US 441); Cherokee Orchard Road; Bishop Lane
Site Description: Level 1.24-acre tract, with a 3-story, 18-room building. Formerly operated as the Kingwood Inn.
Area Description: Downtown Gatlinburg, within walking distance of the Parkway and the primary tourist area.
Nearby Attractions: Great Smoky Mountains National Park, Ober Gatlinburg Ski Resort, Ripley's Aquarium of the Smokies, Anakeesta Aerial Adventure Park.
Total Number of Buildings: 1
Number of Stories: 3
Year Built: 1978
Parking Type: Surface
Parking Description: Onsite, paved
Zoning Description: C-2
Lot Frontage: 476
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: Map 126N, Group J, Parcels 002.00, 003.00, 005.00, and 007.00, Lots 10,12,14,17

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,673 5,146 11,669
Median Age: 38.79 44.32 44.9
Households: 706 2,175 4,838

Contact

Photograph of Listing Agent

David L. Gothard

NAI Koella | RM Moore KAAR CIE Member
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