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    2222 Two Rivers Boulevard Sevierville, TN 37876

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    Picture of Multifamily properties at 2222 Two Rivers Boulevard, Pigeon Forge, TN
    For Sale
    Contact for pricing

    Smoky Mountain Flats

    Property size:
    144,960 SF
    Added:
    May 14, 2025
    Days on Market:
    346
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 2222 Two Rivers Boulevard

    General Information

    Standard status
    Active
    Property type
    Multifamily properties, Residential income properties
    Size
    144,960 SF
    Class
    A
    Elevators
    N/A

    Building Details

    Units
    120

    We can help!

    Listing Contact
    Cohl Morgan

    Listing agent Cohl License #351465

    Listing office PWA Properties

    Listing date May 14, 2025

    Overview

    New Construction Smoky Mountain Flats

    Smoky Mountain Flats is a new construction, Class-A development featuring 120 units in Sevierville, Tennessee. Development is underway, with two buildings slated for completion soon. The units will feature high-end finishes, and the development includes a full amenity center and pool. The units will be individually parceled, allowing for potential sales as condos. The property is also suitable for Class-A apartments, and zoning permits short-term rentals. The unit mix comprises 48 three-bedroom, two-bath units and 72 two-bedroom, two-bathroom units. The seller will consider a forward contract and anticipates the development's completion in Q4 of 2025 or Q1 of 2026. The property is located in Sevierville, which serves as the gateway to Pigeon Forge, Gatlinburg, and the Great Smoky Mountains National Park. Several major developments are planned for Sevierville, including The Gateway to Adventure, a 198-acre retail commercial development less than 10 minutes from Smoky Mountain Flats. A 270-acre sports complex and entertainment resort village is planned across from the property.
    Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Gym & Fitness Center Hotel & Motel Auto Parts Store Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Sevierville
    County
    Sevier
    State
    Tennessee
    Longitude
    -83.5845908
    Latitude
    35.9307678

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    FAQs

    What type of property is this?
    Multifamily property - Smoky Mountain Flats
    Where is this multifamily property located?
    The property is located at 2222 Two Rivers Boulevard Sevierville, TN.
    What are key features of this property?
    This property features: Located in Booming Sevierville, TN; Class A 120 Units; Ability to Sell as Condos
    (865) 603-9887
    We can help!
    Listing Contact
    Cohl Morgan
    Real Estate License ID: 351465
    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.

    More about this property
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