Two-Story 16-Unit Apartment
202 Spring Valley Road Pigeon Forge, TN 37863
202 Spring Valley Road, Pigeon Forge, TN, 37863
$2,490,000
For Sale
$2,490,000
Occupied 16-unit apartment complex with one- and two-bedroom apartments across three two-story buildings.
Property Size11,036 SF
Price / SF$225.63
Days on Market368
Property Features for 202 Spring Valley Road
General Information
- Standard status
- Active
- Size
- 11,036 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1983
Listing agency
Karen Whitlock Realty
(865) 314-5881
Listed by
Michael Cole
Source
Compass
Added: Jul 20, 2025 Updated: Jul 22 at 12:07AM Checked: Jul 22 at 11:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Karen Whitlock Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily property is a 16-unit apartment complex made up of three large two-story buildings. The unit mix consists of 12 one-bedroom units and 4 two-bedroom units. All units are currently occupied, and some recent upgrades and remodels have been made. Note that the buildings were not constructed the same year, with vintages of 1979, 1983, and 1990.
Located at 202 Spring Valley Road in Pigeon Forge, the property is described as being right off the parkway. Showings are appointment only, with arrangements required in advance.
The complex’s configuration provides a straightforward split between one-bedroom and two-bedroom apartments within the three two-story structures.
Located at 202 Spring Valley Road in Pigeon Forge, the property is described as being right off the parkway. Showings are appointment only, with arrangements required in advance.
The complex’s configuration provides a straightforward split between one-bedroom and two-bedroom apartments within the three two-story structures.
Key Highlights
- Occupied 16‑unit apartment complex across three two‑story buildings (12 one‑bedroom units, 4 two‑bedroom units)
- Buildings include recent upgrades/remodels (units are all occupied)
- Central heating and central cooling with central, electric heat and central cooling
Local 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 | $165.5k | $15.00 |
| − Vacancy | −$16.6k | −$1.50 |
| EGI | $149.0k | $13.50 |
| − OpEx | −$67.0k | −$6.08 |
| NOI | $81.9k | $7.43 |
11,036 SF · lease $15.00/SF/yr · vacancy 10.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.37M
NOI $81,942 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.65M
$4.07M – $5.43M
NOI $325,783 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Occupied 16-unit apartment complex with one- and two-bedroom apartments across three two-story buildings.
Where is this apartment building located?
The property is located at 202 Spring Valley Road Pigeon Forge, TN.
What is the asking price?
The asking price for this property is $2,490,000.
What are key features of this property?
This property features: Occupied 16‑unit apartment complex across three two‑story buildings (12 one‑bedroom units, 4 two‑bedroom units); Buildings include recent upgrades/remodels (units are all occupied); Central heating and central cooling with central, electric heat and central cooling
