New Multifamily Community
For Sale
$35,250,000
2222 Two Rivers Boulevard, Sevierville, TN 37876
Class A apartment community in Sevierville, Tennessee, with strong leasing momentum.
Property Size159,120 SF
Days on Market168
Property Features for 2222 Two Rivers Boulevard
General Information
Standard status
Active
Size
159,120 SF
Property subtype
Multifamily
Building Details
Building Size
159,120 SF
Year Built
2026
Listing Agency:
SVN | Wood Properties
Listed By:
Jon Roosen · License #366234
(865) 202-6767
Source:
Svn
Added: Mar 27
Changed: Aug 26
Last Checked: Sep 10 at 6:42AM
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 SVN | Wood Properties
Investment Insights
Based on property information with market context.
Smoky Mountain Flats is a Class A apartment community under development in Sevierville, Tennessee. The project consists of a planned 150-unit multifamily community with a mix of 54 one-bedroom, 84 two-bedroom, and 12 three-bedroom units. Development is underway, with the first 30 units delivered and nearly fully pre-leased at approximately $2,000 per month, or approximately $1.65 per square foot. Stabilized new construction multifamily in the area is achieving rents closer to $1.90 per square foot. The remaining 120 units can be delivered over the next 12–24 months. Units feature Class A finishes, including brick and Hardie exterior construction, solid surface countertops, tile shower surrounds, luxury vinyl plank flooring in living areas, and carpet in bedrooms. Planned community amenities include a resort-style pool, pavilion, dog park, and kayak launch. The property is near the planned $500M+ sports and entertainment complex along the Parkway, and near the Gateway to Adventure development and the entrance to the Great Smoky Mountains National Park.
Key Highlights
- New Class A multifamily community in a rapidly expanding, tourism‑driven market.
- Strong early leasing momentum**: first 30 units nearly fully pre‑leased at approximately $2,000 per month while still under construction.
- Located near the planned $500M+ sports and entertainment complex and the entrance to the Great Smoky Mountains National Park.
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
$1,181,466
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
3.35%
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%
$23,629,320
$23.6M
Cap Rate 7%
$16,878,086
$16.9M
Cap Rate 9%
$13,127,400
$13.1M
Market Conditions
NOI Build-Up for 159,120 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
$2.39M $15.00/SF
− Vacancy
−$238.7K −$1.50/SF
EGI
$2.15M $13.50/SF
− OpEx
−$966.7K −$6.08/SF
NOI
$1.18M $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%
$23,629,320
Cap Rate 7%
$16,878,086
Cap Rate 9%
$13,127,400
Alternative Uses
Best Use
Apartment 5plus
$16.88M
$14.77M – $19.69M
NOI $1,181,466 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$67.10M
$58.72M – $78.29M
NOI $4,697,222 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Explore this area
Business Placement
Demographics for 37876, TN
32,866
Population
18,206
Households
1.8
Avg Household Size
45
Median Age
22%
College-Educated
89%
High-School Grad
186.8 sq mi
ZIP Area
176
Density / Sq Mi
$58,513
Median Household Income
$33,603
Median Earnings
$997
Median Rent
$257,800
Median Home Value
Check the figures for this property
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Class A apartment community in Sevierville, Tennessee, with strong leasing momentum.
Where is this apartment building located?
The property is located at 2222 Two Rivers Boulevard Sevierville, TN.
What is the asking price?
The asking price for this property is $35,250,000.
What are key features of this property?
This property features: New Class A multifamily community in a rapidly expanding, tourism‑driven market.; Strong early leasing momentum**: first 30 units nearly fully pre‑leased at approximately $2,000 per month while still under construction.; Located near the planned $500M+ sports and entertainment complex and the entrance to the Great Smoky Mountains National Park.
