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    2481 Elk Way Way Newport, TN 37821

    Pending
    For Sale
    $339,900

    Multi Family - Newport, TN

    Lot size:
    1.44 Acres
    Days on Market:
    36
    Last Refresh:
    Dec 6 at 2:06 pm

    Property Features for 2481 Elk Way Way

    General Information

    Property type
    Residential Multi Family
    Standard status
    Pending
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
    Bedrooms
    4
    Bathrooms
    4
    Interior features
    Ceiling Fan(s)
    Exterior features
    Rain Gutters
    Appliances
    Dishwasher, Range, Refrigerator, Washer
    Lot size
    1.44 Acres

    Utilities

    Heating system
    Ductless (Heating)

    Building Details

    Year built
    1985
    Number of units
    5
    Building materials
    Block, Log, Log Siding
    Roof type
    Metal
    Architectural style
    Other

    MASON REALTY COMPANY (423) 623-1235

    Listing agent Joe Shults (423) 623-1235 License #307896

    Listing date Nov 1, 2025

    MLS# 707336 Listing URL

    Copyright © 2025 Lakeway Area 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.

    Overview

    Income-Producing Multifamily Property

    This income-producing five-unit multifamily property offers immediate rental income and room to grow. Each unit features one bedroom and one bathroom, with approximately 600 square feet each, totaling 3,000 square feet. Three units are currently rented. The center section offers flexibility for two more one-bedroom units or a two-bedroom unit, depending on the buyer's choice. The property includes mountain views from every unit and two septic tanks on site. New Whirlpool washer, dryer, and refrigerators are installed in the two end units. One of the two unfinished units has a new mini-split HVAC unit. There are five electric meter bases, with four currently installed. The property also features Trex material for an additional porch. A cleared and compacted second building site with a completed perk test is ideal for three additional one-bedroom units or a three-bedroom home. The property is currently producing $2,100.00 a month, with the potential to reach $6,400.00 a month once the second build site is developed. Situated just 20 minutes from Gatlinburg and The Great Smoky Mountains National Park, this property is located in the heart of East Tennessee's outdoor paradise, making it perfect for long-term or short-term rentals. The lot size is 1.44 acres.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Newport
    County
    Cocke
    State
    Tennessee
    Longitude
    -83.217891
    Latitude
    35.891024

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    FAQs

    What type of property is this?
    Apartment building - Five-unit property with income potential near Smoky Mountains.
    Where is this apartment building located?
    The property is located at 2481 Elk Way Way Newport, TN.
    What is the asking price?
    The asking price for this property is $339,900.
    What are key features of this property?
    This property features: - Income-producing property currently generating $2,100/month with potential to reach $6,400/month.; - Cleared and compacted second building site with perk test completed, suitable for additional units or a home.; - Located 20 minutes from Gatlinburg and The Great Smoky Mountains National Park, ideal for long-term or short-term rentals.
    (423) 623-1235
    Request Owner's contact information
    2481 Elk Way Way Newport, TN 37821
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    Newport, TN 37821
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2481 Elk Way Way Newport, TN 37821
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