10-Unit Apartment
721 W Casey Drive, Sevierville, TN 37862
For Sale
$1,599,900
Pending
Multi-Family, Sevierville, TN
Property Size7,776 SF
Days on Market485
Property Features for 721 W Casey Drive
General Information
Property type
Property subtype
Bedrooms
Full bathrooms
Rooms
Parking features
Patio and Porch features
Appliances
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Listing Agency:
Realty Executives Associates · Realty Executives International
Listed By:
Linda Meese
(865) 693-3232
Added: Jul 14, 2025
Changed: Oct 27
Last Checked: Nov 10 at 11:06AM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$57,737
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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
