202 Spring Valley Rd, Sevierville, TN 37863

$1,600,000
Property Type: Multi-Family Square Footage: 11,036 Lot Size (sq. ft.): 21,712 Status: Closed
Current Price: $1,600,000 List Date: 9/23/2024 Last Modified: 11/01/2024

Description

Worried about your financial future? Don't trust ss, economy? What about buying a 16 unit complex in 3 buildings that have been there for awhile and live in one unit and manage the rest. There are 3 bldgs, & one resident has been there 20 years. First bldg (#221) has 6 one bdr apts Each unit has it's own Central h/a, utility rooms, kitchen appliances,this is only bldg where city water/sewer paid by selller. Built in 1983 by Mr. Whaley who was a builder. 2nd bldg ( 231) was built in 1990 has 6 one bdr apts. These units do not have utility rooms. Tenant pays for wat/sewer, electricity. Last Bldg (#235) has 4 two bdr units. First two bldgs just got the railings stained, first building just got new roof. 4 units have been remodeled with lpv & new paint. One unit was not painted but had lpv put down. Rest are in carpet. They get upgraded when someone moves out, but most never leave. Rent has been very cheap for long time. The trust was then distributed & seller has owned it since 12-29-22 & is trying to get rents up to where they should be & increases them when leases are up by at least $100.Goal is to get all 1 bdr to $900 & $1200 for 2 bdr. The rooms are good size and all 3 bldgs are two levels. The location is wonderful for people that like to walk to work, or don't have care. Would be great for one of the big amusement owners to buy this for their employees! Owner supply mini blinds for the units. 16 units in all. First Two Buildings the upstairs railings just got stained. bldg 235 just got new roof.

More Information MLS# 1277412

Location, Tax & Legal Info

Area: Sevier County - 27 Community: PIGEON FORGE City/County Code: City Limits Elementary School: Pigeon Forge Middle School: Pigeon Forge Total Tax: 3946.51 High School: Pigeon Forge

Contract Info

Auction Y/N: No Listing Price: 1600000 Current Price: $1,600,000 Status: Closed Listing Date: 2024-09-20

General Property Description

Lot Dimensions: .50 Lot Size SqFt: 21712 # Units Leased: 16 Restrictions: No Utilities/Mo Avg: 500 Property Status: N/A Driveway: gravel Lease Information: all units are one year lease- SqFt - Total (Aprox): 11036 Number of Units: 16 Year Built: 1983

Remarks & Misc

Directions: coming from Gatlinburg, right before leaving the spur and entering Pigeon Forge look on your right for sign saying Spring Valley Rd. if your coming from Pigeon Forge you'll have to go into spur take first bridge to other side then come on down to Spring Valley Rd on right before you enter Pigeon Forge Public Remarks: Worried about your financial future? Don't trust ss, economy? What about buying a 16 unit complex in 3 buildings that have been there for awhile and live in one unit and manage the rest. There are 3 bldgs, & one resident has been there 20 years. First bldg (#221) has 6 one bdr apts Each unit has it's own Central h/a, utility rooms, kitchen appliances,this is only bldg where city water/sewer paid by selller. Built in 1983 by Mr. Whaley who was a builder. 2nd bldg ( 231) was built in 1990 has 6 one bdr apts. These units do not have utility rooms. Tenant pays for wat/sewer, electricity. Last Bldg (#235) has 4 two bdr units. First two bldgs just got the railings stained, first building just got new roof. 4 units have been remodeled with lpv & new paint. One unit was not painted but had lpv put down. Rest are in carpet. They get upgraded when someone moves out, but most never leave. Rent has been very cheap for long time. The trust was then distributed & seller has owned it since 12-29-22 & is trying to get rents up to where they should be & increases them when leases are up by at least $100.Goal is to get all 1 bdr to $900 & $1200 for 2 bdr. The rooms are good size and all 3 bldgs are two levels. The location is wonderful for people that like to walk to work, or don't have care. Would be great for one of the big amusement owners to buy this for their employees! Owner supply mini blinds for the units. 16 units in all. First Two Buildings the upstairs railings just got stained. bldg 235 just got new roof.

Income/Expenses

Gross Annual Income: 159300

Property Sub-Type

Other: 1

Construction

Block: 1 Frame: 1

Type of Units

1 Bedroom Unit: 1 2 Bedroom Unit: 1

Sale Includes

Building and Land: 1

Cooling

Central Cooling: 1

Floors

Carpet: 1 Laminate: 1

Garage/Parking

On Premise Parking: 1

Tenant Expenses

Cooling: 1 Electricity: 1 Sewer: 1 Water: 1

Owner Expenses

Exterior Maintenance: 1 Roof Maintenance: 1 Trash Collection: 1

Fuel

Electric: 1

Heat

Central: 1

Appliances

Dishwasher: 1 Range: 1 Refrigerator: 1

Other Rooms

Other: 1

Roof

Composition: 1

New Financing

Cash: 1

Showing

See Agent Instructns: 1

Location Tax Legal Info

House #: 202 Street Name: Spring Valley St Suffix: Rd State/Province: TN Zip Code: 37863 PIN #: 095 048.01 Subdivision: other Geo Lat: 35.774784 Geo Lon: -83.535103

Status Change Info

Status Change Date: 2024-11-01 Under Contract Date: 2024-09-27 Sold Date: 2024-10-31 Sold Price: $1,600,000

Property Features

Property Sub-Type: Other Type of Units: 1 Bedroom Unit; 2 Bedroom Unit Sale Includes: Building and Land Floors: Carpet; Laminate Tenant Expenses: Electricity; Sewer; Water Owner Expenses: Exterior Maintenance; Roof Maintenance; Trash Collection Fuel: Electric Heat: Central Cooling: Central Cooling Appliances: Dishwasher; Range; Refrigerator Construction: Block; Frame Roof: Composition Other Rooms: Other New Financing: Cash Showing: See Agent Instructns
Listing Office: Karen Whitlock Realty
Office Phone: 865-774-4848
Last Updated: November - 01 - 2024
202 Spring Valley Rd, Sevierville, TN 37863- MLS# 1277412
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