10-Unit Apartment
For Sale
$1,599,900
Pending
721 West Casey Drive, Sevierville, TN 37862
Each residence includes washer/dryer connections, a covered front porch, and a private rear patio.
Property Size7,776 SF
Days on Market415
Property Features for 721 West Casey Drive
General Information
Standard status
Pending
Size
7,776 SF
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$119,126
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$3,066
Amenities
washer/dryer connections
covered front porch
private back patio
Central Cooling
Yes
Laminate
True
Range, Refrigerator, Self Cleaning Oven
Vinyl, Frame
Building Details
Year Built
1990
Listing Agency:
Realty Executives Associates
(423) 836-3399
Listed By:
Lolita Thompson
Source:
Compass
Added: Jul 14, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:03AM
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 Realty Executives Associates
Investment Insights
Based on property information with market context.
Mountain Mist Apartments is a 10-unit property totaling 7,776 square feet, with each apartment configured as a two-bedroom, one-bath residence. The building was constructed in 1990 and provides central cooling, washer/dryer connections, a covered front porch, and a private back patio for every unit.
Several kitchens have been remodeled with updated cabinets, countertops, sinks, faucets, and appliances including refrigerators, ranges, and self-cleaning ovens. Additional improvements completed within the last 5 years include plank flooring, interior paint, outlets and switches, HVAC systems, and contemporary light fixtures. Insulated vinyl windows were replaced in 2022. The property is located at 721 West Casey Drive in Sevierville, near Dollywood and other area attractions, and is reported as 100% occupied.
Several kitchens have been remodeled with updated cabinets, countertops, sinks, faucets, and appliances including refrigerators, ranges, and self-cleaning ovens. Additional improvements completed within the last 5 years include plank flooring, interior paint, outlets and switches, HVAC systems, and contemporary light fixtures. Insulated vinyl windows were replaced in 2022. The property is located at 721 West Casey Drive in Sevierville, near Dollywood and other area attractions, and is reported as 100% occupied.
Key Highlights
- 10‑unit apartment property totaling 7,776 SF
- Each unit offers 2 bedrooms and 1 full bathroom
- New 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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Each residence includes washer/dryer connections, a covered front porch, and a private rear patio.
Where is this apartment building located?
The property is located at 721 West 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 property totaling 7,776 SF; Each unit offers 2 bedrooms and 1 full bathroom; New insulated vinyl windows installed in 2022
