Mountain Resort With Furnished
For Sale
$2,945,000
460 Boat Gunnel Road, Townsend, TN 37882
Residential, Townsend, TN
Property Size13,121 SF
Lot Size20.86 Acres
Price / SF$224.45
Days on Market152
Property Features for 460 Boat Gunnel Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1
Bedrooms
20
Bathrooms
20
Full bathrooms
19
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 6, Bedroom 16, Bedroom 11, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 2, Bathroom 15, Bathroom 9, Bathroom 14, Bedroom 13, Bedroom 4, Bathroom 6, Bathroom 11, Bathroom 8, Bathroom 3, Bathroom 16, Bedroom 12, Bathroom 7, Bathroom 18, Bedroom 18, Bathroom 4, Bathroom 19, Bedroom 19, Bathroom 2, Bathroom 13, Bedroom 8, Bedroom 15, Bedroom 17, Bedroom 9, Bedroom 20, Bathroom 10, Bathroom 20, Bedroom 10, Bathroom 17, Bathroom 12, Bedroom 14, Bathroom 5, Bedroom 7
Fireplace
1
Directions
From Maryville: Turn left onto US-321 N/E Lamar Alexander Pkwy. Turn right onto Old Tuckaleechee Rd. Turn left onto Boat Gunnel Rd
Subdivision
Blount
Standard status
Active
APN
107 03100 000
Size
13,121 SF
Lot size
20.86 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12254
Utilities
Sewer type
Septic Tank
Water source
Well
Amenities
hot tubs
arcade games
fire pits
private hiking trails
Building Details
Year built
1980
Floors in Building
1
Listing Agency:
eXp Realty, LLC 7720
(888) 519-5113
Listed By:
Kaitlin Glenn
(609) 816-7520
Added: Mar 24
Changed: Aug 22
Last Checked: Aug 22 at 11:06AM
MLS# 310900
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 20.86-acre resort in Townsend includes 8 furnished cabins totaling 13,121 square feet, with a mix of 5 traditional cabins and 3 treehouse-style cabins. Guest-oriented features include hot tubs, arcade games, fire pits, and private hiking trails across the property. The improvements date to 1980, and the site is supported by a well and septic tank.
Positioned at approximately 1,500 feet in elevation, the property includes broad mountain views and a private natural setting. It is 2 minutes from Townsend’s bike greenway and river tubing access, with Cades Cove, Gatlinburg, Pigeon Forge, and Sevierville also identified as nearby destinations. The property is zoned R-1.
Additional improvements include a pavilion with a separate septic system and well, a small barn, and a planned ninth unit identified as the “360 Lodge.”
Positioned at approximately 1,500 feet in elevation, the property includes broad mountain views and a private natural setting. It is 2 minutes from Townsend’s bike greenway and river tubing access, with Cades Cove, Gatlinburg, Pigeon Forge, and Sevierville also identified as nearby destinations. The property is zoned R-1.
Additional improvements include a pavilion with a separate septic system and well, a small barn, and a planned ninth unit identified as the “360 Lodge.”
Key Highlights
- 20.86‑acre resort in Townsend, TN, with approximately 1,500 feet of elevation
- 8 furnished cabins: 5 traditional cabins and 3 treehouse‑style cabins
- 13,121 square feet of improvements with hot tubs, arcade games, and fire pits
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
$118,644
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
4.03%
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%
$2,372,880
$2.4M
Cap Rate 7%
$1,694,914
$1.7M
Cap Rate 9%
$1,318,267
$1.3M
Market Conditions
NOI Build-Up for 13,121 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
$231.5K $17.64/SF
− Vacancy
−$15.7K −$1.20/SF
EGI
$215.7K $16.44/SF
− OpEx
−$97.1K −$7.40/SF
NOI
$118.6K $9.04/SF
Area
Blount County, TN
Vacancy
6.80%
Lease Rate
$17.64 /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%
$2,372,880
Cap Rate 7%
$1,694,914
Cap Rate 9%
$1,318,267
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.98M
NOI $118,644 @ 7.0% cap · market cap 4.03%
Second Best
Hotel Hospitality
$1.18M
$1.03M – $1.37M
NOI $82,269 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,773 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 37882, TN
3,061
Population
2,455
Households
1.2
Avg Household Size
58
Median Age
33%
College-Educated
93%
High-School Grad
183.8 sq mi
ZIP Area
17
Density / Sq Mi
$61,875
Median Household Income
$35,473
Median Earnings
$1,032
Median Rent
$292,400
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?
Resort - A furnished cabin resort with private trails, guest amenities, and elevated mountain surroundings.
Where is this resort located?
The property is located at 460 Boat Gunnel Road Townsend, TN.
What is the asking price?
The asking price for this property is $2,945,000.
What are key features of this property?
This property features: 20.86‑acre resort in Townsend, TN, with approximately 1,500 feet of elevation; 8 furnished cabins: 5 traditional cabins and 3 treehouse‑style cabins; 13,121 square feet of improvements with hot tubs, arcade games, and fire pits
