Furnished Three-Unit
For Sale
$649,900
131 John Green Road, Gatlinburg, TN 37738
MULTI_FAMILY - Other - Gatlinburg, TN
Property Size2,880 SF
Lot Size1.01 Acres
Price / SF$225.66
Days on Market107
Property Features for 131 John Green Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RLD
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 2, Basement
Interior features
Eat-in Kitchen, Stone Counters, Walk-In Closet(s)
Basement
Walk-Out Access
Appliances
Dishwasher, Disposal, Dryer, Electric Range, Gas Range, Refrigerator, Washer
Directions
Going East on the East Parkway from Gatlinburg, go about a mile past the Pittman Center Road and turn right on John Green Road. Go up the small hill and turn left and follow the road to the end.
Subdivision
Gatlinburg
Standard status
Active
APN
109 01900 000
Size
2,880 SF
Lot size
1.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2160
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
2017
Floors in Building
2
Flooring type
Laminate
Building materials
Frame, Wood Siding
Architectural style
Other
Listing Agency:
Listwithfreedom.com
(855) 456-4945
Listed By:
Ralph Harvey · License #304715
(855) 456-4945
Added: May 15
Changed: Aug 19
Last Checked: Aug 29 at 7:06AM
MLS# 311827
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.
Located at 131 John Green Road in Gatlinburg, this 2,880-square-foot triplex contains three independent one-bedroom, one-bath residences. Each unit has a private entrance, full kitchen, living area, bedroom, bathroom, and in-unit laundry. The property is furnished and includes features such as stone counters, eat-in kitchens, walk-in closets, laminate flooring, central heating, and central air conditioning.
Built in 2017 on 1.01 acres, the property uses public water and a septic tank. Its Gatlinburg location places the residences near downtown Gatlinburg, Great Smoky Mountains National Park, Pigeon Forge, Dollywood, dining, shopping, entertainment, hiking, and outdoor recreation. RLD zoning is also associated with the property.
Built in 2017 on 1.01 acres, the property uses public water and a septic tank. Its Gatlinburg location places the residences near downtown Gatlinburg, Great Smoky Mountains National Park, Pigeon Forge, Dollywood, dining, shopping, entertainment, hiking, and outdoor recreation. RLD zoning is also associated with the property.
Key Highlights
- Three separate 1‑bedroom, 1‑bath residences
- 2,880 square feet across the triplex
- Set on 1.01 acres in Gatlinburg
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
$21,384
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
3.29%
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%
$427,680
$427.7K
Cap Rate 7%
$305,486
$305.5K
Cap Rate 9%
$237,600
$237.6K
Market Conditions
NOI Build-Up for 2,880 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
$43.2K $15.00/SF
− Vacancy
−$4.3K −$1.50/SF
EGI
$38.9K $13.50/SF
− OpEx
−$17.5K −$6.08/SF
NOI
$21.4K $7.43/SF
Area
Sevier County, TN
Vacancy
10.00%
Lease Rate
$15.00 /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%
$427,680
Cap Rate 7%
$305,486
Cap Rate 9%
$237,600
Alternative Uses
Best Use
Apartment 5plus
$305.5K
$267.3K – $356.4K
NOI $21,384 @ 7.0% cap · market cap 3.29%
Second Best
Multifamily LT 5
$224.5K
$196.4K – $261.9K
NOI $15,715 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $85,018 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Explore this area
Business Placement
Demographics for 37738, TN
5,001
Population
7,075
Households
0.7
Avg Household Size
49
Median Age
31%
College-Educated
91%
High-School Grad
214.6 sq mi
ZIP Area
23
Density / Sq Mi
$63,133
Median Household Income
$29,169
Median Earnings
$1,090
Median Rent
$275,000
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?
Triplex - Three private residences offer separate entrances, kitchens, living areas, bedrooms, bathrooms, and laundry facilities.
Where is this triplex located?
The property is located at 131 John Green Road Gatlinburg, TN.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three separate 1‑bedroom, 1‑bath residences; 2,880 square feet across the triplex; Set on 1.01 acres in Gatlinburg
