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509 High St, Sevierville, TN 37862
Move-in ready historic home offering flexible home-or-office use in a downtown setting.
Property Size1,408 SF
Price / SF$269.18
Days on Market135
Property Features for 509 High St
General Information
Standard status
Active
Size
1,408 SF
Property subtype
OFFICE
Listing Agency:
American Home Sales
(865) 440-0200
Listed By:
Heather Sutton
(864) 440-0200
Source:
Moodyscre
Added: Apr 24
Changed: Aug 19
Last Checked: Jul 21 at 12:53PM
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 American Home Sales
Investment Insights
Based on property information with market context.
509 High St is a well-preserved, move-in ready older home that can be used as either a residence or an office. The property has received recent interior improvements including new interior paint, a new toilet and dishwasher, new crawl space insulation and vapor barrier, and new HVAC duct wrap. Additional updates include roof, siding, and gutters replaced in 2016, and new HVAC installed in 2020. Two outbuildings and a carport are on site and are operable, though they need some repairs.
The property is located downtown Sevierville within the HRO District (Historic Residential Office). It is positioned for convenient access to Pigeon Forge, Gatlinburg, and Knoxville.
For buyers seeking a flexible live-work configuration, the combination of main residence and secondary structures provides workable space for a variety of personal or office-related uses, subject to applicable district requirements.
The property is located downtown Sevierville within the HRO District (Historic Residential Office). It is positioned for convenient access to Pigeon Forge, Gatlinburg, and Knoxville.
For buyers seeking a flexible live-work configuration, the combination of main residence and secondary structures provides workable space for a variety of personal or office-related uses, subject to applicable district requirements.
Key Highlights
- 509 High Street is in the HRO District (Historic Residential Office) and can be used as a home or office
- Downtown Sevierville location with convenience to Pigeon Forge, Gatlinburg, and Knoxville
- Recent updates include new interior paint, a new toilet and dishwasher, and new crawl space insulation and vapor barrier
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
$19,951
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
5.26%
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%
$399,020
$399.0K
Cap Rate 7%
$285,014
$285.0K
Cap Rate 9%
$221,678
$221.7K
Market Conditions
NOI Build-Up for 1,408 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
$32.4K $23.04/SF
− Vacancy
−$5.8K −$4.15/SF
EGI
$26.6K $18.89/SF
− OpEx
−$6.7K −$4.72/SF
NOI
$20.0K $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%
$399,020
Cap Rate 7%
$285,014
Cap Rate 9%
$221,678
Alternative Uses
Best Use
Office B
$285.0K
$249.4K – $332.5K
NOI $19,951 @ 7.0% cap · market cap 5.26%
Second Best
Mixed Use
$249.8K
$218.6K – $291.5K
NOI $17,487 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$593.8K
$519.6K – $692.7K
NOI $41,564 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,169
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Move-in ready historic home offering flexible home-or-office use in a downtown setting.
Where is this live-work space located?
The property is located at 509 High St Sevierville, TN.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 509 High Street is in the HRO District (Historic Residential Office) and can be used as a home or office; Downtown Sevierville location with convenience to Pigeon Forge, Gatlinburg, and Knoxville; Recent updates include new interior paint, a new toilet and dishwasher, and new crawl space insulation and vapor barrier
