1503 Travel Way, Sevierville, TN 37862
$1,850,000
Property Type:
Multi-Family
Square Footage:
16,310
Lot Size (sq. ft.):
217,800
Status:
Closed
Current Price:
$1,850,000
List Date:
4/04/2022
Last Modified:
6/28/2022
Description
First time on the market! 26-unit property on 5 acres with value-add opportunities & million-dollar views! Well-located in Sevier County, close to all the jobs in Pigeon Forge and Sevierville and surrounded by high-end homes.
This offering includes 2 separate parcels nearly adjacent to each other. The Travel Way parcel contains the Seller's 3-BR home (completed 1982), a mixed-use building with a coin laundry, office, workshop, a 2-BR apt (built ~1996), a two car garage plus 12 units (small and affordable) in 4 triplexes (built between 1994 and1997).
The Flatwood Rd parcel, just a few lots over, also contains 4 triplexes of similar age, a huge barn and potential to build three more units. Each parcel contains 2.5 acres. Lots of potential for rent increase.
More Information MLS# 1186349
Location, Tax & Legal Info
Area: Sevier County - 27
City/County Code: County
Total Tax: 3078
Contract Info
Auction Y/N: No
Listing Price: 2100000
Current Price: $1,850,000
Status: Closed
Listing Date: 2022-03-30
General Property Description
Lot Dimensions: 600x616xIRREG
Lot Size SqFt: 217800
Utilities/Mo Avg: 90
Property Status: N/A
Driveway: GRAVEL
Lease Information: 23 units are rented
SqFt - Total (Aprox): 16310
Number of Units: 26
Year Built: 1982
Remarks & Misc
Directions: From I-40, Exit 407 towards Sevierville. Turn right on Veterans Blvd, left onto Middle Creek Rd, Left onto Ernest McMahan Rd, then stay right onto Pullen Rd. Left onto Flatwood Rd. House and 13 apts will be on the right at 1503 Travel Way. the additional 12 units are at 1444 Flatwood Rd.
Public Remarks: First time on the market! 26-unit property on 5 acres with value-add opportunities & million-dollar views! Well-located in Sevier County, close to all the jobs in Pigeon Forge and Sevierville and surrounded by high-end homes.
This offering includes 2 separate parcels nearly adjacent to each other. The Travel Way parcel contains the Seller's 3-BR home (completed 1982), a mixed-use building with a coin laundry, office, workshop, a 2-BR apt (built ~1996), a two car garage plus 12 units (small and affordable) in 4 triplexes (built between 1994 and1997).
The Flatwood Rd parcel, just a few lots over, also contains 4 triplexes of similar age, a huge barn and potential to build three more units. Each parcel contains 2.5 acres. Lots of potential for rent increase.
Income/Expenses
Gross Annual Income: 164473
Annual Oper Expenses: 49365
Property Sub-Type
Apartment: 1
Construction
Frame: 1
Type of Units
1 Bedroom Unit: 1
3 or more Bdrm Units: 1
Unfurnished: 1
Siding
Other: 1
Sale Includes
Building and Land: 1
Miscellaneous
Coin Laundry: 1
Cooling
Central Cooling: 1
Wall Cooling: 1
Floors
Laminate: 1
Vinyl: 1
Garage/Parking
On Premise Parking: 1
Tenant Expenses
Cooling: 1
Electricity: 1
Gas: 1
Heating: 1
Owner Expenses
Common Area Maintenance: 1
Insurance: 1
Taxes: 1
Trash Collection: 1
Fuel
Electric: 1
Gas (Natural): 1
Heat
Baseboard: 1
Central: 1
Other: 1
Appliances
Range: 1
Refrigerator: 1
Other Rooms
Mstr Bdrm Main Level: 1
Roof
Composition: 1
Misc Features
None: 1
New Financing
New Loan: 1
Showing
See Agent Instructns: 1
Location Tax Legal Info
House #: 1503
Street Name: Travel
St Suffix: Way
State/Province: TN
Zip Code: 37862
PIN #: 062 092.07 001
Geo Lat: 35.839311
Geo Lon: -83.51241
Status Change Info
Status Change Date: 2022-06-28
Under Contract Date: 2022-04-18
Sold Date: 2022-06-27
Sold Price: $1,850,000
IncomeExpenses
Net Operating Income: 116308
Property Features
Property Sub-Type: Apartment
Type of Units: 1 Bedroom Unit; 3 or more Bdrm Units; Unfurnished
Sale Includes: Building and Land
Floors: Laminate; Vinyl
Tenant Expenses: Electricity; Gas
Owner Expenses: Common Area Maintenance; Insurance; Taxes; Trash Collection
Fuel: Electric; Gas (Natural)
Heat: Baseboard; Central; Other
Cooling: Central Cooling; Wall Cooling
Appliances: Range; Refrigerator
Construction: Frame
Roof: Composition
Siding: Other
Misc Features: None
Other Rooms: Mstr Bdrm Main Level
Miscellaneous: Coin Laundry
New Financing: New Loan
Showing: See Agent Instructns
Documents
Conf of Agency ›Listing Office: Goldman Partners Realty, LLC
Office Phone: 865-705-8675
Last Updated: June - 28 - 2022
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