Flexible Live-Work
For Sale
$585,000
249 Mill View Dr, Pigeon Forge, TN 37863
C-6 Commercial zoning accommodates office areas, living space, and a finished basement with separate access.
Property Size2,414 SF
Price / SF$242.34
Days on Market25
Property Features for 249 Mill View Dr
General Information
Standard status
Active
Size
2,414 SF
Total Parking Spaces
20
Zoning
C-6
Building Details
Year Built
2006
Buildings
1
Stories
3
Listing Agency:
Pristine Realty
(865) 809-9531
Listed By:
Chris Gonzalez · License #321896
Source:
Shearonsellsteam
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 29 at 12:15PM
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 Pristine Realty
Investment Insights
Based on property information with market context.
This 2,414-square-foot live-work property was built in 2006 and combines office, residential, and meeting-space features within a flexible layout. The main level includes hardwood flooring, a full kitchen with appliances, a reception area, an office, and two half bathrooms. The upper level contains three additional offices and two full bathrooms, while the finished basement adds another office, a conference room, a half bathroom, and an independent entrance.
The property is located in Pigeon Forge within walking distance of the Parkway. Paved parking accommodates up to 20 vehicles, with additional parking access serving the basement entrance. As a residence, the layout provides four bedrooms, two full bathrooms, and three half bathrooms. C-6 Commercial zoning supports the property’s stated office, mixed-use, and residential configurations.
The property is located in Pigeon Forge within walking distance of the Parkway. Paved parking accommodates up to 20 vehicles, with additional parking access serving the basement entrance. As a residence, the layout provides four bedrooms, two full bathrooms, and three half bathrooms. C-6 Commercial zoning supports the property’s stated office, mixed-use, and residential configurations.
Key Highlights
- 2,414‑square‑foot live‑work property built in 2006
- C‑6 Commercial zoning
- Walking distance from the Parkway in Pigeon Forge
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
$34,205
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
5.85%
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%
$684,100
$684.1K
Cap Rate 7%
$488,643
$488.6K
Cap Rate 9%
$380,056
$380.1K
Market Conditions
NOI Build-Up for 2,414 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
$55.6K $23.04/SF
− Vacancy
−$10.0K −$4.15/SF
EGI
$45.6K $18.89/SF
− OpEx
−$11.4K −$4.72/SF
NOI
$34.2K $14.17/SF
Area
Sevier County, TN
Vacancy
18.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$684,100
Cap Rate 7%
$488,643
Cap Rate 9%
$380,056
Alternative Uses
Best Use
Office B
$488.6K
$427.6K – $570.1K
NOI $34,205 @ 7.0% cap · market cap 5.85%
Second Best
Mixed Use
$428.3K
$374.8K – $499.7K
NOI $29,982 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.02M
$890.8K – $1.19M
NOI $71,261 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
215
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - C-6 Commercial zoning accommodates office areas, living space, and a finished basement with separate access.
Where is this live-work space located?
The property is located at 249 Mill View Dr Pigeon Forge, TN.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 2,414‑square‑foot live‑work property built in 2006; C‑6 Commercial zoning; Walking distance from the Parkway in Pigeon Forge
