Live-Work Space with Paved
For Sale
$585,000
249 Mill View Drive, Pigeon Forge, TN 37863
COMMERCIAL - Pigeon Forge, TN
Property Size2,414 SF
Lot Size0.43 Acres
Price / SF$242.34
Days on Market159
Property Features for 249 Mill View Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C6
Rooms
Basement
Parking
20
Window features
Bay Window(s), Blinds
Exterior features
Lighting
Basement
Full, Finished, Walk-Out Access
Lot features
Corner Lot, Cul-De-Sac, Gentle Sloping, Landscaped, Near Public Transit, Paved
Directions
Coming from Gatlinburg turn on light #10 at Pigeon Forge on to Conner Heights Rd, then turn right on West Mill Creek RD, drive 0,2 mile property on your right. If coming from the opposite side turn right at Texas Road House Restaurant follow West Mil Creek, Property will be on your left.
Subdivision
Pigeon Forge
Standard status
Active
APN
0.11
Size
2,414 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1534
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2006
Floors in Building
3
Flooring type
Hardwood, Carpet, Wood
Building materials
Stone, Vinyl Siding
Listing Agency:
Pristine Realty, INC.
(865) 453-6389
Listed By:
Chris Gonzalez · License #321896
(865) 809-9531
Added: Mar 20
Changed: Aug 4
Last Checked: Aug 25 at 9:06PM
MLS# 310808
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.
249 Mill View Drive in Pigeon Forge offers a flexible live-work setup that can support professional offices, overnight rentals, or primary residence use. The property contains nearly 2,400 square feet of living area within the main layout, with a main level that includes hardwood flooring, a full kitchen with appliances included, a reception area, office #1, and two half baths. Upstairs provides office #2 and office #3, along with two full bathrooms. A finished basement includes office #4, a conference room area, and a half bath, with basement access available from inside the home or via a separate entrance with additional parking.
The property is zoned C-6 and serviced by public water and public sewer. Paved parking accommodates up to 20 parking spaces. Built in 2006, the home includes heating described as electric and central, plus central air.
Exterior finishes include stone and vinyl siding, and the interior flooring includes hardwood, carpet, and wood.
The property is zoned C-6 and serviced by public water and public sewer. Paved parking accommodates up to 20 parking spaces. Built in 2006, the home includes heating described as electric and central, plus central air.
Exterior finishes include stone and vinyl siding, and the interior flooring includes hardwood, carpet, and wood.
Key Highlights
- 0.43‑acre lot
- 2,414 SF property size
- Zoned C‑6 commercial
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
$34,205
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
5.85%
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%
$684,100
$684.1K
Cap Rate 7%
$488,643
$488.6K
Cap Rate 9%
$380,056
$380.1K
Market Conditions
NOI Build-Up for 2,414 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
$55.6K $23.04/SF
− Vacancy
−$10.0K −$4.15/SF
EGI
$45.6K $18.89/SF
− OpEx
−$11.4K −$4.72/SF
NOI
$34.2K $14.17/SF
Area
Sevier County, TN
Vacancy
18.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$684,100
Cap Rate 7%
$488,643
Cap Rate 9%
$380,056
Alternative Uses
Best Use
Office B
$488.6K
$427.6K – $570.1K
NOI $34,205 @ 7.0% cap · market cap 5.85%
Second Best
Mixed Use
$428.3K
$374.8K – $499.7K
NOI $29,982 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.02M
$890.8K – $1.19M
NOI $71,261 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Explore this area
Business Placement
Demographics for 37863, TN
6,988
Population
5,570
Households
1.3
Avg Household Size
40
Median Age
12%
College-Educated
74%
High-School Grad
17.2 sq mi
ZIP Area
406
Density / Sq Mi
$53,587
Median Household Income
$31,235
Median Earnings
$933
Median Rent
$253,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - C-6 zoned live-work space with public water and public sewer service, featuring flexible office and living space options.
Where is this live-work space located?
The property is located at 249 Mill View Drive Pigeon Forge, TN.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 0.43‑acre lot; 2,414 SF property size; Zoned C‑6 commercial
