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    149 Comm Ctr Dry Pigeon Forge, TN 37863
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    Property profile & analytics

    149 Comm Ctr Dry, Pigeon Forge, TN 37863

    View on Map
    • Hotels
    • 70,064 SF
    • 1.50 lot acres
    Off-Market
    Last Sale May 5, 2022
    $5,600,000
    Property ID
    US80-3175883
    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.
    Value Estimations
    $5,520,000
    Show details
    Cap Rate Potential
    6.3%
    Hotels
    Location Intelligence

    Current Use by Public Records

    • Hotels

    Property Details for 149 Comm Ctr Dry

    Year built
    2001
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.50 lot acres
    Zone code
    M-1
    Property type
    Hotels
    APN
    078083 03000
    APU
    7808303000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 5, 2022 $5,600,000 Smoky Mountain Resort Partners Larry Mcnutt Warranty Deed —
    Nov 15, 2019 — Park Grove Inn INC — Deed · related $3.5M · Tennessee State Bank
    May 3, 2019 — Park Grove Inn INC — Deed · related $2M · Smartbank
    Feb 11, 2008 $6,500,000 Park Grove Inn INC Cole,lynn & Peggy Warranty Deed $5.5M · Smartbank
    Aug 16, 2005 — Lynn Cole — Trustees Deed · related $200k · Mountain National Bank
    — — Park Grove Inn INC — Deed Of Trust · related $2M · Smartbank
    — — Lynn Cole — Deed Of Trust · related $645k · Mountain National Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,540,000
      ML approach
      $6,495,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,790,000
      6.5%
      $5,345,000
      7%
      $4,965,000

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $8,260,000
      Current use
      AUTO REPAIR, GARAGE
      $7,460,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Pigeon Forge
    County
    Sevier
    State
    Tennessee
    Longitude
    -83.5808
    Latitude
    35.806
    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
    $44,128
    $367,840
    $2,314,360
    $2,682,200
    -
    $919,600
    $5,785,900
    $6,705,500

    Comparable in this City

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      116,224 SF

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      75,413 SF

      2497 Teaster Ln

      HOTEL
      2497 Teaster Ln, Pigeon Forge, TN 37863-5265
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    • Value Estimation
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      119 Christmas Tree Ln

      HOTEL
      119 Christmas Tree Ln, Pigeon Forge, TN 37863-3365
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    • Value Estimation
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      235,581 SF

      2525 Dreammore Way

      HOTEL
      2525 Dreammore Way, Pigeon Forge, TN 37863-4435
      View Details
    • Value Estimation by Request
      67,211 SF

      2025 Pkwy Parkway

      HOTEL
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      View Details
    • Value Estimation
      $1,935,000
      35,976 SF

      114 Pickel St

      HOTEL
      114 Pickel St, Pigeon Forge, TN 37863-3301
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Pigeon Forge Development Opportunity

      16.22 acres in the heart of Pigeon Forge.
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      32,937 SF

      63-Unit Hotel For Sale

      Three-story, 63-unit hotel on primary artery with high traffic.
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      Three-Story Free Standing Office Building

      Freestanding three-story building with multiple offices, a lobby, kitchen, and wraparound porch plus parking for on-site teams.
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      View Details
    • $10,000,000
      20.85 Acres

      Pigeon Forge Development Land For Sale

      20.85 acres development property in the heart of Pigeon Forge.
      4B-R Jake Thomas Rd, Pigeon Forge, TN 37863
      View Details
    • $3,500,000
      12.20 Acres

      Prime Land in Pigeon Forge

      12.2 acres of desirable C-2 zoned development property.
      4 Veterans Blvd, Pigeon Forge, TN 37863
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    • Contact for pricing
      27,987 SF

      21-Unit Townhome Community Near Dollywood

      Townhome community near Dollywood with multiple use options.
      3729 Plaza Way, Pigeon Forge, TN 37863
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    Similar Nearby for Lease

    • $19 SF/Yr

      Pigeon Forge Office Suite For Rent

      Functional 1,700 SF office suite in prime location.
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    • Contact for pricing
      1 SF

      Prime Outparcel on Wears Valley

      1.4 AC outparcel in high-traffic tourism corridor.
      644 Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • Contact for pricing

      Pigeon Forge Acre for Lease

      Acre for lease near Parkway, gateway to Great Smoky Mountains.
      140 Showplace Blvd, Pigeon Forge, TN 37863
      View Details
    • Contact for pricing

      Retail Space in Prime Location

      Retail spaces available near Dollywood and other attractions.
      135 E Wears Valley Rd, Pigeon Forge, TN 37863
      View Details
    • Contact for pricing
      5,000 SF

      Prime Parkway Retail Space

      High-visibility retail space on the Parkway in Pigeon Forge.
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      View Details
    • Contact for pricing
      5,000 SF

      Pigeon Forge Retail Space Available

      Retail space in high-traffic Pigeon Forge location for lease.
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      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.

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