Lakeside Duplex with Covered
For Sale
$299,900
115 Bluegill Way, Sevierville, TN 37876
Residential, Sevierville, TN
Property Size1,300 SF
Lot Size0.30 Acres
Price / SF$230.69
Days on Market211
Property Features for 115 Bluegill Way
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
A-1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Dining Room, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Basement
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Kitchen/Dining Combo
Exterior features
Dock, Storage
Appliances
Dryer, Electric Range, Electric Water Heater, Refrigerator, Washer
Lot features
Agricultural, Boat Ramp, Front Yard, Level, Views, Waterfront
View
Lake
Directions
From Hwy 411, turn right onto Sims Rd to right onto Fairview Garden Rd to left onto Ailey Church to right onto Fishermans Way to right onto Bluegill Way. Property will be on your right. (The address previously was 1319 Fishermans Way; 1319 is still on the duplex) Continue past the property to the community boat dock/ramp.
Subdivision
Sevierville
Standard status
Active
APN
095E B 001.00
Size
1,300 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
652
HOA Fee
$250 Annually
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central, Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump, Central Air, Electric
Water source
Public
Water front features
Waterfront, Lake Front, Lake
Water front
1
Amenities
private community boat ramp
private community boat dock
large covered front porch
Building Details
Year built
1998
Floors in Building
1
Flooring type
Vinyl, Laminate
Building materials
Vinyl Siding
Roof type
Composition
Additional Structures
Storage
Listing Agency:
TN Living Realty
(865) 680-9653
Listed By:
Susie Mull · License #263465
(865) 680-9653
Added: Jan 26
Changed: Aug 20
Last Checked: Aug 25 at 5:06AM
MLS# 309914
Copyright © 2026 Great Smoky Mountains Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This one-level duplex contains two separately configured residences: one with 1 BR/1 BA and the other with 2 BR/1BA. The 1,300 Square Feet property sits on 0.3 acres and includes a covered front porch, storage, off-street parking, two heat pumps, and separate water and electric meters. Recent improvements include a new HVAC system, new appliances, and updated flooring; the composition roof is 7 years old. Public water and a private septic system serve the property.
The home is located in a private community on Douglas Lake, with the water’s edge accessible from the level front yard. Residents also have access to a community boat ramp and boat dock at the end of the street near a deep lake channel. A-1 zoning, lakefront setting, and the existing two-unit layout support long-term rental, short-term rental, or personal residential use.
The home is located in a private community on Douglas Lake, with the water’s edge accessible from the level front yard. Residents also have access to a community boat ramp and boat dock at the end of the street near a deep lake channel. A-1 zoning, lakefront setting, and the existing two-unit layout support long-term rental, short-term rental, or personal residential use.
Key Highlights
- Duplex with 1 BR/1 BA and 2 BR/1BA units
- 1,300 Square Feet on a 0.3‑acre lakefront lot
- Douglas Lake frontage with water access from the level front yard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,653
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$193,060
$193.1K
Cap Rate 7%
$137,900
$137.9K
Cap Rate 9%
$107,256
$107.3K
Market Conditions
NOI Build-Up for 1,300 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.5K $15.00/SF
− Vacancy
−$2.0K −$1.50/SF
EGI
$17.6K $13.50/SF
− OpEx
−$7.9K −$6.08/SF
NOI
$9.7K $7.43/SF
Area
Sevier County, TN
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$193,060
Cap Rate 7%
$137,900
Cap Rate 9%
$107,256
Alternative Uses
Best Use
Apartment 5plus
$137.9K
$120.7K – $160.9K
NOI $9,653 @ 7.0% cap · market cap 3.22%
Second Best
Multifamily LT 5
$101.3K
$88.7K – $118.2K
NOI $7,094 @ 7.0% cap · market cap 2.37%
Theoretical Best
Office A
$548.2K
$479.7K – $639.6K
NOI $38,376 @ 7.0% cap · market cap 12.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 37876, TN
32,866
Population
18,206
Households
1.8
Avg Household Size
45
Median Age
22%
College-Educated
89%
High-School Grad
186.8 sq mi
ZIP Area
176
Density / Sq Mi
$58,513
Median Household Income
$33,603
Median Earnings
$997
Median Rent
$257,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - One- and two-bedroom units offer separate utilities, lakefront access, and flexible rental or residential use.
Where is this duplex located?
The property is located at 115 Bluegill Way Sevierville, TN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Duplex with 1 BR/1 BA and 2 BR/1BA units; 1,300 Square Feet on a 0.3‑acre lakefront lot; Douglas Lake frontage with water access from the level front yard
