$1,600,000
Sevierville, TN 37863
MLS# 1277412
Status: Closed
11036 sqft
1 / 24
Property 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.
Details
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
IDX
Listing Office: Karen Whitlock Realty
Office Phone: 865-774-4848
Last Updated: November - 01 - 2024
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.