Storefront with Two Apartments
For Sale
$1,800,000
3360 Wears Valley Rd./ Hwy 321, Sevierville, TN 37862
Commercial Sale, Sevierville, TN
Property Size5,080 SF
Lot Size0.96 Acres
Price / SF$354.33
Days on Market319
Property Features for 3360 Wears Valley Rd./ Hwy 321
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
c-2
Parking
20
Lot features
Corner Lot, Level, Views
Elementary school
Wearwood Elementary
Middle school
Pigeon Forge Junior High
High school
Pigeon Forge High
Directions
From Pigeon Forge at traffic light #3. Go 5.5 miles. Property is on right, just past Brown Squirrel and across from Ft.Hills Parkway Entrance/Exit.
Subdivision
Wears Valley
Standard status
Active
APN
123 136.00
Size
5,080 SF
Lot size
0.96 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2205
Utilities
Sewer type
Septic Tank
Cooling system
Heat Pump, Electric, Central Air
Water source
Well
Building Details
Year built
1995
Floors in Building
2
Listing Agency:
Mountain Realty Group
(865) 908-2909
Listed By:
Diane Shubert
(865) 908-2909
Added: Oct 10, 2025
Changed: Aug 19
Last Checked: Aug 24 at 12:06PM
MLS# 308608
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.
Storefront property configured for mixed-use with business space and two apartments above. The site offers 0.96 acres (5,080 SF) and was built in 1995. Interior comfort includes heat pump heating with central air conditioning powered electrically.
The property has road frontage on Scenic Hwy 321, just as you come off Foothills Pkwy, with mountain views noted around the area. Public remarks also describe proximity to Townsend (7 miles), Pigeon Forge (7 miles), and a 5-minute drive to the Smoky Mountain National Park entrance.
Utilities include a city water hookup at the back corner of the lot, with a well listed as the water source, and a septic tank for sewer.
The property has road frontage on Scenic Hwy 321, just as you come off Foothills Pkwy, with mountain views noted around the area. Public remarks also describe proximity to Townsend (7 miles), Pigeon Forge (7 miles), and a 5-minute drive to the Smoky Mountain National Park entrance.
Utilities include a city water hookup at the back corner of the lot, with a well listed as the water source, and a septic tank for sewer.
Key Highlights
- C‑2 zoned storefront with two apartments above
- 0.96 acres and 5,080 SF total size
- Road frontage on Scenic Hwy 321 near Foothills Pkwy
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
$62,152
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
3.45%
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%
$1,243,040
$1.2M
Cap Rate 7%
$887,886
$887.9K
Cap Rate 9%
$690,578
$690.6K
Market Conditions
NOI Build-Up for 5,080 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
$91.4K $18.00/SF
− Vacancy
−$2.7K −$0.52/SF
EGI
$88.8K $17.48/SF
− OpEx
−$26.6K −$5.24/SF
NOI
$62.2K $12.23/SF
Area
Sevier County, TN
Vacancy
2.90%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,243,040
Cap Rate 7%
$887,886
Cap Rate 9%
$690,578
Alternative Uses
Best Use
Retail
$887.9K
$776.9K – $1.04M
NOI $62,152 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,962 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37862, TN
23,236
Population
13,676
Households
1.7
Avg Household Size
43
Median Age
23%
College-Educated
87%
High-School Grad
81.8 sq mi
ZIP Area
284
Density / Sq Mi
$58,110
Median Household Income
$31,490
Median Earnings
$956
Median Rent
$283,800
Median Home Value
Market
Vacancy Rate% for Retail 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?
Storefront property - C-2 zoned storefront on Scenic Hwy 321 with two apartments above, central air and heat pump.
Where is this storefront property located?
The property is located at 3360 Wears Valley Rd./ Hwy 321 Sevierville, TN.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: C‑2 zoned storefront with two apartments above; 0.96 acres and 5,080 SF total size; Road frontage on Scenic Hwy 321 near Foothills Pkwy
