63-Unit Exterior Corridor
New
For Sale
$5,000,000
2162 Parkway, Pigeon Forge, TN 37863
COMMERCIAL - Pigeon Forge, TN
Property Size32,937 SF
Lot Size1.43 Acres
Price / SF$151.80
Days on Market5
Property Features for 2162 Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Parking
57
Exterior features
Lighting
Accessibility
Accessible Approach with Ramp, Accessible Elevator Installed
Lot features
City Lot
Elementary school
Pigeon Forge Primary
Middle school
Pigeon Forge Intermediate
High school
Pigeon Forge High
Directions
Coming from Sevierville to Pigeon Forge on 441 South, your new investment is on the right just past The Titanic and before the Hillside Winery.
Subdivision
Pigeon Forge
Standard status
Active
APN
072 11500 000
Size
32,937 SF
Lot size
1.43 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
23264
Utilities
Sewer type
Public Sewer
Cooling system
Wall Unit(s), Window Unit(s)
Water source
Public
Water front
1
Amenities
Indoor pool
Outdoor pool
Large slide
Building Details
Year built
1971
Floors in Building
3
Building materials
Block
Listing Agency:
Four Peaks Realty Group
(865) 366-1495
Listed By:
David M Dixon
(865) 603-5598
Added: Aug 3
Changed: Aug 7
Last Checked: Aug 7 at 7:06PM
MLS# 313173
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 63-unit hotel property contains 32,937 square feet on a 1.43-acre site. The exterior-corridor configuration is complemented by both indoor and outdoor pools, including a large slide. Improvements date to 1971 and feature block construction, wall-unit and window-unit cooling, exterior lighting, and an accessible elevator with ramp approach.
The property is located at 2162 Parkway in Pigeon Forge, on the 441S side of the road. A TDOT 2025 count reports 26,332 vehicles passing daily. The site is served by public water and public sewer and carries C-2 zoning.
The property is located at 2162 Parkway in Pigeon Forge, on the 441S side of the road. A TDOT 2025 count reports 26,332 vehicles passing daily. The site is served by public water and public sewer and carries C-2 zoning.
Key Highlights
- 63‑unit exterior‑corridor hotel on 1.43 acres
- 32,937‑square‑foot property built in 1971
- Indoor and outdoor pools with large slide
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
$163,335
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
3.27%
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%
$3,266,700
$3.3M
Cap Rate 7%
$2,333,357
$2.3M
Cap Rate 9%
$1,814,833
$1.8M
Market Conditions
NOI Build-Up for 32,937 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
$592.9K $18.00/SF
− Vacancy
−$249.0K −$7.56/SF
EGI
$343.9K $10.44/SF
− OpEx
−$180.5K −$5.48/SF
NOI
$163.3K $4.96/SF
Area
Sevier County, TN
Vacancy
42.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$3,266,700
Cap Rate 7%
$2,333,357
Cap Rate 9%
$1,814,833
Alternative Uses
Best Use
Hotel Hospitality
$2.33M
$2.04M – $2.72M
NOI $163,335 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.89M
$12.15M – $16.21M
NOI $972,300 @ 7.0% cap · market cap 19.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
753
Businesses Nearby
Explore this area
Business Placement
Demographics for 37863, TN
6,988
Population
5,570
Households
1.3
Avg Household Size
40
Median Age
12%
College-Educated
74%
High-School Grad
17.2 sq mi
ZIP Area
406
Density / Sq Mi
$53,587
Median Household Income
$31,235
Median Earnings
$933
Median Rent
$253,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Hotel property with indoor and outdoor pools, plus a large waterslide.
Where is this hotel located?
The property is located at 2162 Parkway Pigeon Forge, TN.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 63‑unit exterior‑corridor hotel on 1.43 acres; 32,937‑square‑foot property built in 1971; Indoor and outdoor pools with large slide
