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    Property profile & analytics

    135 Wears Valley Rd Pigeon Forge, TN 37863

    • Retail space
    • 52,862 SF
    • 7.20 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Jul 21, 2021
    $650,000
    Value Estimations
    $550,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1238099
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Tennessee Bible Museum / Museum

    Property Details for 135 Wears Valley Rd

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    7.20 lot acres
    Property size
    52,862 SF
    Zone code
    C-4
    Property type
    Retail space
    APN
    078083 09500
    APU
    7808309500

    Description

    This exceptional retail opportunity in Pigeon Forge, Tennessee, presents 98,342 square feet of prime shopping center space at 135 E Wears Valley Rd, zip code 37863. The property boasts a multi-tenant configuration with two suites currently available, offering a minimum divisible space of 2,000 square feet and a maximum contiguous space of 5,000 square feet. A significant 7,000 square feet is currently vacant, presenting a unique chance for expansion or new tenancy. The property features abundant parking to accommodate customers and employees. Located in Sevier County, this center benefits from a tremendous neighborhood density, surrounded by retail, restaurants, outlet malls, hotels, live show theaters, and other tourist attractions. Its proximity to Dollywood theme park (4.2 miles) provides exceptional access to a large consumer base. The property's pricing is positioned 40% below market value, offering increased profit margins. Further enhancing its appeal is its location near the Riverwalk Greenway, a nearly two-mile public walking trail (expanding to four miles), which will generate significant foot traffic. Additional traffic is drawn from Winfield Dunn Parkway and Teaster Lane. This property offers a compelling investment opportunity in a thriving tourist destination.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $550,000
      ML approach
      $595,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pigeon Forge
    County
    Sevier
    State
    Tennessee
    Longitude
    -83.5747
    Latitude
    35.807
    CBSA code
    42940
    CBSA name
    SEVIERVILLE, TN MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $42,775
    $1,259,160
    $1,340,840
    $2,600,000
    -
    $3,147,900
    $3,352,100
    $6,500,000

    Comparable in this City

    • Value Estimation
      $475,000
      3,656 SF

      3122 Veterans Blvd

      RETAIL STORES (PERSONAL SERVICES) • 3,656 SF
      3122 Veterans Blvd, Pigeon Forge, TN 37863-3197
      View Details
    • Value Estimation
      $295,000
      1,400 SF

      2850 Pkwy Ste 11a

      RETAIL STORES (PERSONAL SERVICES) • 1,400 SF
      2850 Pkwy Ste 11a, Pigeon Forge, TN 37863-3347
      View Details
    • Value Estimation
      $265,000
      1,781 SF

      3536 Pkwy Parkway

      RETAIL STORES (PERSONAL SERVICES) • 1,781 SF
      3536 Pkwy Parkway, Pigeon Forge, TN 37863-3836
      View Details
    • Value Estimation
      $260,000
      5,491 SF

      2450 Pkwy Parkway

      RETAIL STORES (PERSONAL SERVICES) • 5,491 SF
      2450 Pkwy Parkway, Pigeon Forge, TN 37863-3225
      View Details
    • Value Estimation
      $250,000
      6,120 SF

      2746 Pkwy Parkway

      RETAIL STORES (PERSONAL SERVICES) • 6,120 SF
      2746 Pkwy Parkway, Pigeon Forge, TN 37863-3212
      View Details
    • Value Estimation
      $200,000
      3,840 SF

      2704 Pkwy Parkway

      RETAIL STORES (PERSONAL SERVICES) • 3,840 SF
      2704 Pkwy Parkway, Pigeon Forge, TN 37863
      View Details

    Similar Nearby for Sale

    • $865,000
      2,952 SF

      Wears Valley Road Retail Property

      Free-standing retail property on Wears Valley Road in Pigeon Forge.
      320 Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • $795,000
      1,846 SF

      Pigeon Forge Retail Investment Opportunity

      Leased retail building near Parkway with high visibility.
      739 Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • Contact for pricing
      98,342 SF

      Pigeon Forge Retail Opportunity

      Retail property in high-traffic Pigeon Forge tourist area.
      135 E Wears Vly Shops Of Pigeon Frg, Pigeon Forge, TN 37863
      View Details
    • Contact for pricing
      Pending

      Commercial Land with River Frontage

      Commercial parcel with log cabin and river frontage in Pigeon Forge.
      3249 N River Rd, Pigeon Forge, TN 37863
      View Details
    • $1,990,000
      4,394 SF

      Pigeon Forge Redevelopment Opportunity

      Combined commercial and residential property on high-traffic Wears Valley Road.
      1134-1138 Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • $7,000,000
      6.20 Acres

      Pigeon Forge Commercial Land Investment

      6.198 Acres, Prime Tourist Location
      2510 Teaster Ln, Pigeon Forge, TN 37863
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      5,000 SF

      Pigeon Forge Retail Space Available

      Retail space in high-traffic Pigeon Forge location for lease.
      163-177 E Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • $45 SF/Yr
      5,000 SF

      Prime Parkway Retail Space

      High-visibility retail space on the Parkway in Pigeon Forge.
      3676 Parkway, Pigeon Forge, TN 37863
      View Details
    • $20 SF/Yr
      98,342 SF

      Pigeon Forge Retail Center Investment

      Prime Pigeon Forge Shopping Center, 7,000 SF Available
      135 Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • Contact for pricing
      19,134 SF

      Pigeon Forge Factory Outlet Mall

      Factory outlet mall in a high-traffic tourist area.
      2860 Parkway, Pigeon Forge, TN 37863
      View Details
    • $20,000 /Mo
      77,972 SF

      Pigeon Forge Retail Ground Lease

      Prime retail or fast food site near Parkway in Pigeon Forge.
      1155 Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • $1,400,000

      Prime Pigeon Forge Acreage Available

      1.39 acres for sale or lease near Parkway.
      249 Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
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    Pigeon Forge, TN 37863
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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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