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    721 W Casey Drive Sevierville, TN 37862

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    For Sale
    $1,850,000

    MULTI_FAMILY - Sevierville, TN

    Property size:
    7,776 SF
    Price / SF:
    $237/SF
    Added:
    Jul 14, 2025
    Days on Market:
    294
    Last Refresh:
    May 3 at 12:06 am

    Property Features for 721 W Casey Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    20
    Rooms
    Bedroom 6, Bedroom 17, Bedroom 13, Bedroom 12, Bedroom 4, Bathroom 10, Bathroom 4, Bathroom 3, Bedroom 7, Bathroom 7, Bathroom 5, Bathroom 2, Bathroom 1, Bedroom 14, Bedroom 1, Bathroom 9, Bedroom 15, Bedroom 5, Bedroom 20, Bedroom 18, Bedroom 9, Bedroom 3, Bedroom 8, Bedroom 16, Bedroom 19, Bathroom 6, Bedroom 2, Bedroom 11, Bathroom 8, Bedroom 10
    Parking features
    Off Street
    Patio and Porch features
    Patio, Porch
    Appliances
    Range, Refrigerator, Self Cleaning Oven
    Standard status
    Active
    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

    Building Details

    Year built
    1990
    Number of units
    10
    Flooring type
    Laminate
    Building materials
    Vinyl Siding, Frame
    Roof type
    Shingle, Asphalt

    We can help!

    Listing Contact
    Linda Meese
    Linda Meese

    Listing agent Linda Meese

    Listing office Realty Executives Associates 10255 Kingston Pike, knoxville, TN

    Listing date Jul 14, 2025

    MLS# 1308335 Listing URL

    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.

    Overview

    Sevierville Multifamily Investment Opportunity

    Mountain Mist Apartments is a fully leased, income-producing 10-unit apartment complex located minutes from Dollywood and other area attractions in Sevierville, Tennessee. Each well-maintained unit features 2 bedrooms and 1 full bathroom, along with washer and dryer connections. Some units have remodeled kitchens that include a refrigerator, oven/range, sink, faucets, cabinets, and countertops. New insulated vinyl windows were installed in 2022. Recent updates within the last 5 years include plank flooring, interior paint, new outlets and switches, HVAC systems, and modern light fixtures. Each unit also has a covered front porch and a private back patio. The property, situated in a highly sought-after location with a strong rental history, is 100% occupied. The property contains 7776 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sevierville
    County
    Sevier
    State
    Tennessee
    Longitude
    -83.543073
    Latitude
    35.875823

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    FAQs

    What type of property is this?
    Apartment building - Fully leased 10-unit apartment complex near Dollywood and area attractions.
    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 $1,850,000.
    What are key features of this property?
    This property features: Fully leased, income‑producing 10‑unit apartment complex.; Highly sought‑after location minutes from Dollywood and area attractions.; 100% occupied with strong rental history.
    (865) 693-3232
    We can help!
    Listing Contact
    Linda Meese
    Linda Meese
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    721 W Casey Drive, Sevierville, TN 37862

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