21-Unit Short-Term Rental Townhome
For Sale
$5,495,000
3729 Plaza Way, Pigeon Forge, TN 37863
COMMERCIAL - Pigeon Forge, TN
Property Size27,987 SF
Lot Size5.72 Acres
Price / SF$196.34
Days on Market202
Property Features for 3729 Plaza Way
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C4
Parking
21
Lot features
Irregular Lot, Many Trees, Paved
Directions
From I-40 exit 407 take TN-66 S/Winfield Dunn Parkway 8.3 miles, turn left onto TN-448 S/N Parkway, drive .6 miles, turn left onto E. Main Street, drive .5 miles, continue onto US-411 N/Dolly Parton Parkway, drive .7 miles, continue 5.9 miles and turn right onto Veterans Boulevard, drive 5.3 miles, turn left onto Plaza Way. Destination will be on your left.
Subdivision
Pigeon Forge
Standard status
Active
APN
095 031.01
Size
27,987 SF
Lot size
5.72 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
19651
Utilities
Utilities
Water Available
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
washer and dryer
fireplace
private balcony
firepit
grilling area
clubhouse
indoor swimming pool
Building Details
Year built
1984
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Frame
Listing Agency:
PWA Properties
(865) 233-6441
Listed By:
Kevin Tipton · License #275491
(865) 210-0228
Added: Jan 29
Changed: Aug 13
Last Checked: Aug 19 at 3:06AM
MLS# 309955
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.
Pinecrest Townhomes is a 21-unit townhome community designed for short-term rentals and offering multiple use options. The community consists of two-bedroom, two-and-a-half-bath townhomes built in 1984, with each unit featuring a washer and dryer, fireplace, and private balcony. Common amenities include a firepit and grilling area, and the HOA provides shared access to a clubhouse and indoor swimming pool.
The property totals 5.72 acres and includes 27,987 square feet under roof. It is constructed of frame materials and served by public water, with heating via heat pump and central air cooling. The community is directly adjacent to Dollywood.
Zoned C4, Pinecrest Townhomes is currently operated as a vacation rental community, with potential to continue vacation rental operations, convert to traditional apartments, or be sold as condominium units.
The property totals 5.72 acres and includes 27,987 square feet under roof. It is constructed of frame materials and served by public water, with heating via heat pump and central air cooling. The community is directly adjacent to Dollywood.
Zoned C4, Pinecrest Townhomes is currently operated as a vacation rental community, with potential to continue vacation rental operations, convert to traditional apartments, or be sold as condominium units.
Key Highlights
- 21‑unit townhome community adjacent to Dollywood
- Zoned C4 and built in 1984
- 5.72 acres and 27,987 SF
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
$207,803
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
3.78%
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%
$4,156,060
$4.2M
Cap Rate 7%
$2,968,614
$3.0M
Cap Rate 9%
$2,308,922
$2.3M
Market Conditions
NOI Build-Up for 27,987 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
$419.8K $15.00/SF
− Vacancy
−$42.0K −$1.50/SF
EGI
$377.8K $13.50/SF
− OpEx
−$170.0K −$6.08/SF
NOI
$207.8K $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%
$4,156,060
Cap Rate 7%
$2,968,614
Cap Rate 9%
$2,308,922
Alternative Uses
Best Use
Apartment 5plus
$2.97M
$2.60M – $3.46M
NOI $207,803 @ 7.0% cap · market cap 3.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.80M
$10.33M – $13.77M
NOI $826,176 @ 7.0% cap · market cap 15.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
351
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 Multifamily 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?
Short term rental property - 21-unit two-bedroom townhome community zoned C4 with private balconies, washer/dryer, and central air.
Where is this short term rental property located?
The property is located at 3729 Plaza Way Pigeon Forge, TN.
What is the asking price?
The asking price for this property is $5,495,000.
What are key features of this property?
This property features: 21‑unit townhome community adjacent to Dollywood; Zoned C4 and built in 1984; 5.72 acres and 27,987 SF
