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    Turnkey Smoky Mountains Investment Opportunity Title is generated by Realmo AI

    2482 Elk Way, Newport, TN 37821

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    Claim this Listing
    For Sale
    $748,800

    MULTI_FAMILY - Newport, TN

    Property size:
    6,133 SF
    Lot size:
    1.93 Acres
    Price / SF:
    $122/SF
    Added:
    Jan 25, 2026
    Days on Market:
    113
    Last Refresh:
    May 18 at 12:06 pm

    Property Features for 2482 Elk Way

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Rooms
    Bathroom 4, Bathroom 6, Bathroom 5, Bathroom 7, Bathroom 3, Bedroom 6, Bathroom 1, Bedroom 3, Bathroom 8, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 9, Bathroom 10, Bedroom 1
    Parking features
    Open
    Patio and Porch features
    Porch
    Interior features
    Kitchen Island
    Exterior features
    Windows - Vinyl
    Appliances
    Dishwasher, Dryer, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    083 039.09
    Size
    6,133 SF
    Lot size
    1.93 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3398

    Utilities

    Heating system
    Heat Pump (Heating), Electric (Heating)
    Cooling system
    Central Air, Ceiling Fan(s)

    Building Details

    Year built
    2000
    Number of units
    4
    Flooring type
    Carpet, Tile, Laminate
    Building materials
    Vinyl Siding, Frame
    Roof type
    Shingle

    We can help!

    Listing Contact
    Donald Fabrikant

    Listing agent Donald Fabrikant License #300538

    Listing office Country Living Realty 866 Shadow Brook Way, Parrottville, TN

    Listing date Jan 25, 2026

    MLS# 1327667 Listing URL

    Copyright © 2026 East Tennessee Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Income‑producing property: Tri‑plex and single‑family home generate $5,900 monthly income.
    • Turnkey investment: Fully leased with recent upgrades (new roof, HVAC) minimizing immediate expenses.
    • Mountain views: Both front and rear of the property offer desirable mountain views.
    • Development potential: 1.93 acres with open frontage offer future expansion possibilities (subject to zoning).
    • Flexible rental strategies: Suited for long‑term or short‑term rentals, capitalizing on Smoky Mountains demand.
    • Convenient location: Proximity to medical facilities, shopping, dining, Knoxville, Pigeon Forge, Gatlinburg and Hot Springs NC.

    Overview

    This East Tennessee property features a fully leased tri-plex and a separate leased single-family residence. The tri-plex contains three 1-bedroom, 1.5-bath units, each measuring 1,187 square feet, suitable for long-term or short-term rentals. Recent improvements include a new roof on both the tri-plex and house, along with new HVAC systems on the tri-plex. The adjacent single-family home offers 2,569 square feet with 3 bedrooms and 4 baths, a two-car garage, a newly built deck, and a partially fenced yard. The total lease for the four units combined is $5,900 monthly income. Situated near medical facilities, shopping, and dining, the property includes 1.93 acres with open frontage land, offering potential for future development or expansion, subject to zoning regulations. The property is located 53 minutes from Knoxville, 48 minutes from Pigeon Forge or Gatlinburg, and 45 minutes from Hot Springs, NC. This property is intended as an investment opportunity with multiple rental strategies and long-term appreciation potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Discount Store Electrical Service Grocery & Convenience Store Cafe & Coffee Shop Barber Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Cocke
    State
    Tennessee
    Longitude
    -83.217116
    Latitude
    35.889379

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    FAQs

    What type of property is this?
    Multifamily property - Income-producing tri-plex and single-family home near the Smoky Mountains.
    Where is this multifamily property located?
    The property is located at 2482 Elk Way Newport, TN.
    What is the asking price?
    The asking price for this property is $748,800.
    What are key features of this property?
    This property features: Income‑producing property: Tri‑plex and single‑family home generate $5,900 monthly income.; Turnkey investment: Fully leased with recent upgrades (new roof, HVAC) minimizing immediate expenses.; **Mountain views**: Both front and rear of the property offer desirable mountain views.
    (423) 430-9012
    We can help!
    Listing Contact
    Donald Fabrikant
    Real Estate License ID: 300538
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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