10-Unit Apartment
For Sale
$1,599,900
721 W Casey Drive, Sevierville, TN 37862
MULTI_FAMILY - Sevierville, TN
Property Size7,776 SF
Price / SF$205.75
Days on Market388
Property Features for 721 W Casey Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
20
Full bathrooms
10
Rooms
Bedroom 4, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 10, Bathroom 7, Bedroom 16, Bedroom 13, Bedroom 20, Bedroom 10, Bathroom 5, Bathroom 3, Bathroom 8, Bathroom 9, Bedroom 18, Bedroom 6, Bedroom 11, Bedroom 19, Bedroom 2, Bedroom 8, Bedroom 7, Bedroom 9, Bedroom 14, Bedroom 17, Bedroom 15, Bedroom 3, Bedroom 5, Bathroom 6, Bedroom 1, Bedroom 12
Parking features
Off Street
Patio and Porch features
Patio, Porch
Appliances
Range, Refrigerator, Self Cleaning Oven
Subdivision
Paul Henderson Prop
Elementary school
Sevierville Primary
Middle school
Sevierville
High school
Sevier County
Directions
hwy 66 /Winfield Dunn to Robert Henderson, L on Howard Dr, L w Casey Dr Right to apartments.
Standard status
Active
APN
049 046.00
Size
7,776 SF
Taxes and HOA fees
Tax Annual Amount
3066
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Amenities
covered front porch
private back patio
washer/dryer connections
Building Details
Year built
1990
Number of units
10
Flooring type
Laminate
Building materials
Vinyl Siding, Frame
Roof type
Asphalt, Shingle
Listing Agency:
Realty Executives Associates · Realty Executives International
(865) 693-3232
Listed By:
Linda Meese
(865) 693-3232
Added: Jul 14, 2025
Changed: Aug 1
Last Checked: Aug 5 at 1:06AM
MLS# 1308335
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.
Investment Insights
Based on property information with market context.
Mountain Mist Apartments is a 10-unit apartment complex offered for sale with 100% occupancy. Built in 1990, the property contains approximately 7,776 square feet and provides covered front porches and a private back patio for each unit.
Unit features include washer/dryer connections in every unit and kitchens that have been remodeled in some units, including a refrigerator, oven/range, sink, faucets, cabinets, and countertops. Recent building and unit updates include new insulated vinyl windows installed in 2022, along with additional updates within the last five years such as plank flooring, interior paint, new outlets and switches, HVAC systems, and modern light fixtures.
The apartments are heated with electric heat and central heating, and cooled with central air. Off-street parking is available on site. The property is located just minutes from Dollywood and other area attractions.
Unit features include washer/dryer connections in every unit and kitchens that have been remodeled in some units, including a refrigerator, oven/range, sink, faucets, cabinets, and countertops. Recent building and unit updates include new insulated vinyl windows installed in 2022, along with additional updates within the last five years such as plank flooring, interior paint, new outlets and switches, HVAC systems, and modern light fixtures.
The apartments are heated with electric heat and central heating, and cooled with central air. Off-street parking is available on site. The property is located just minutes from Dollywood and other area attractions.
Key Highlights
- 10‑unit apartment complex with 100% occupancy
- Approximately 7,776 SF apartment building built in 1990
- Covered front porch and private back patio for each unit
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $116.6k | $15.00 |
| − Vacancy | −$11.7k | −$1.50 |
| EGI | $105.0k | $13.50 |
| − OpEx | −$47.2k | −$6.08 |
| NOI | $57.7k | $7.43 |
7,776 SF · lease $15.00/SF/yr · vacancy 10.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$824.8K
$721.7K – $962.3K
NOI $57,737 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,548 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
Business Placement
Demographics for 37862, TN
23,236
Population
13,676
Households
1.7
Avg Household Size
43
Median Age
23%
College-Educated
87%
High-School Grad
81.8 sq mi
ZIP Area
284
Density / Sq Mi
$58,110
Median Household Income
$31,490
Median Earnings
$956
Median Rent
$283,800
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?
Apartment building - Fully leased 10-unit apartment complex with covered front porches and private back patios.
Where is this apartment building located?
The property is located at 721 W Casey Drive Sevierville, TN.
What is the asking price?
The asking price for this property is $1,599,900.
What are key features of this property?
This property features: 10‑unit apartment complex with 100% occupancy; Approximately 7,776 SF apartment building built in 1990; Covered front porch and private back patio for each unit
