10-Unit Apartment
For Sale
$1,599,900
Pending
721 W Casey Drive, Sevierville, TN 37862
Multi-Family, Sevierville, TN
Property Size7,776 SF
Days on Market434
Property Features for 721 W Casey Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
20
Full bathrooms
10
Rooms
Bedroom 10, Bathroom 3, Bedroom 17, Bathroom 4, Bathroom 1, Bedroom 15, Bedroom 19, Bedroom 6, Bedroom 9, Bedroom 4, Bedroom 11, Bedroom 13, Bathroom 9, Bedroom 3, Bedroom 20, Bedroom 1, Bedroom 14, Bedroom 8, Bedroom 18, Bathroom 2, Bathroom 6, Bedroom 5, Bathroom 7, Bedroom 16, Bathroom 8, Bedroom 12, Bedroom 7, Bedroom 2, Bathroom 10, Bathroom 5
Parking features
Off Street
Patio and Porch features
Patio, Porch
Appliances
Range, Refrigerator, Self Cleaning Oven
Subdivision
Paul Henderson Prop
Elementary school
Sevierville Primary
Middle school
Sevierville
High school
Sevier County
Directions
hwy 66 /Winfield Dunn to Robert Henderson, L on Howard Dr, L w Casey Dr Right to apartments.
Standard status
Pending
APN
049 046.00
Size
7,776 SF
Taxes and HOA fees
Tax Annual Amount
3066
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Amenities
covered front porch
private back patio
washer/dryer connections
Building Details
Year built
1990
Number of units
10
Flooring type
Laminate
Building materials
Vinyl Siding, Frame
Roof type
Shingle, Asphalt
Listing Agency:
Realty Executives Associates · Realty Executives International
(865) 693-3232
Listed By:
Linda Meese
(865) 591-6004
Added: Jul 14, 2025
Changed: Sep 12
Last Checked: Sep 20 at 7:06PM
MLS# 1308335
Copyright © 2026 East Tennessee 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.
Mountain Mist Apartments is a 10-unit multifamily property totaling 7,776 square feet. Built in 1990, the complex includes ten two-bedroom, one-bathroom residences, each with washer and dryer connections, a covered front porch, and a private rear patio. Kitchens in some units have been remodeled with updated cabinetry, countertops, sinks, faucets, and range and refrigerator appliances.
Property improvements include insulated vinyl windows installed in 2022, along with plank flooring, interior paint, electrical outlets and switches, HVAC systems, and light fixtures updated within the last five years. Central heating and cooling, electric heat, laminate flooring, vinyl siding, frame construction, and asphalt shingle roofing serve the buildings. Off-street parking is available, and the property is located in Sevierville near Dollywood and other area attractions. Occupancy is reported at 100%.
Property improvements include insulated vinyl windows installed in 2022, along with plank flooring, interior paint, electrical outlets and switches, HVAC systems, and light fixtures updated within the last five years. Central heating and cooling, electric heat, laminate flooring, vinyl siding, frame construction, and asphalt shingle roofing serve the buildings. Off-street parking is available, and the property is located in Sevierville near Dollywood and other area attractions. Occupancy is reported at 100%.
Key Highlights
- 10‑unit apartment complex with 7,776 square feet
- All 10 residences offer 2 bedrooms and 1 full bathroom
- Insulated vinyl windows installed in 2022
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
$57,737
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
3.61%
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%
$1,154,740
$1.2M
Cap Rate 7%
$824,814
$824.8K
Cap Rate 9%
$641,522
$641.5K
Market Conditions
NOI Build-Up for 7,776 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
$116.6K $15.00/SF
− Vacancy
−$11.7K −$1.50/SF
EGI
$105.0K $13.50/SF
− OpEx
−$47.2K −$6.08/SF
NOI
$57.7K $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%
$1,154,740
Cap Rate 7%
$824,814
Cap Rate 9%
$641,522
Alternative Uses
Best Use
Apartment 5plus
$824.8K
$721.7K – $962.3K
NOI $57,737 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,548 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
85
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Fully occupied multifamily property with updated interiors and private outdoor space for every residence.
Where is this apartment building located?
The property is located at 721 W Casey Drive Sevierville, TN.
What is the asking price?
The asking price for this property is $1,599,900.
What are key features of this property?
This property features: 10‑unit apartment complex with 7,776 square feet; All 10 residences offer 2 bedrooms and 1 full bathroom; Insulated vinyl windows installed in 2022
