Shannon Russell

202 Spring Valley Rd, Sevierville, TN 37863

$1,600,000
Property Type: Multi-Family Square Footage: 11,036 Lot Size (sq. ft.): 21,712 Status: Closed
Current Price: $1,600,000 List Date: 9/23/2024 Last Modified: 11/01/2024

Overview

Description

Worried about your financial future? Don’t trust ss, economy? What about buying a 16 unit complex in 3 buildings that have been there for awhile and live in one unit and manage the rest. There are 3 bldgs, & one resident has been there 20 years. First bldg (#221) has 6 one bdr apts Each unit has it’s own Central h/a, utility rooms, kitchen appliances,this is only bldg where city water/sewer paid by selller. Built in 1983 by Mr. Whaley who was a builder. 2nd bldg ( 231) was built in 1990 has 6 one bdr apts. These units do not have utility rooms. Tenant pays for wat/sewer, electricity. Last Bldg (#235) has 4 two bdr units. First two bldgs just got the railings stained, first building just got new roof. 4 units have been remodeled with lpv & new paint. One unit was not painted but had lpv put down. Rest are in carpet. They get upgraded when someone moves out, but most never leave. Rent has been very cheap for long time. The trust was then distributed & seller has owned it since 12-29-22 & is trying to get rents up to where they should be & increases them when leases are up by at least $100.Goal is to get all 1 bdr to $900 & $1200 for 2 bdr. The rooms are good size and all 3 bldgs are two levels. The location is wonderful for people that like to walk to work, or don’t have care. Would be great for one of the big amusement owners to buy this for their employees! Owner supply mini blinds for the units. 16 units in all. First Two Buildings the upstairs railings just got stained. bldg 235 just got new roof.

Listing Details MLS# 1277412

Location Tax Legal Info

House #
202
Street Name
Spring Valley
St Suffix
Rd
State/Province
TN
Zip Code
37863
PIN #
095 048.01
Subdivision
other

Contract Info

Auction Y/N
No
Listing Price
1600000

General Property Description

SqFt – Total (Aprox)
11036
Lot Dimensions
.50
Lot Size SqFt
21712
Number of Units
16
# Units Leased
16
Utilities/Mo Avg
500
Year Built
1983
Property Status
N/A
Restrictions
No
Driveway
gravel
Lease Information
all units are one year lease-

Status Change Info

Status Change Date
2024-11-01
Under Contract Date
2024-09-27
Sold Date
2024-10-31

Location, Tax & Legal Info

Area
Sevier County – 27
Community
PIGEON FORGE
City/County Code
City Limits
Elementary School
Pigeon Forge
Middle School
Pigeon Forge
Total Tax
3946.51
High School
Pigeon Forge

Remarks & Misc

Directions
coming from Gatlinburg, right before leaving the spur and entering Pigeon Forge look on your right for sign saying Spring Valley Rd. if your coming from Pigeon Forge you'll have to go into spur take first bridge to other side then come on down to Spring Valley Rd on right before you enter Pigeon Forge
Public Remarks
Worried about your financial future? Don't trust ss, economy? What about buying a 16 unit complex in 3 buildings that have been there for awhile and live in one unit and manage the rest. There are 3 bldgs, & one resident has been there 20 years. First bldg (#221) has 6 one bdr apts Each unit has it's own Central h/a, utility rooms, kitchen appliances,this is only bldg where city water/sewer paid by selller. Built in 1983 by Mr. Whaley who was a builder. 2nd bldg ( 231) was built in 1990 has 6 one bdr apts. These units do not have utility rooms. Tenant pays for wat/sewer, electricity. Last Bldg (#235) has 4 two bdr units. First two bldgs just got the railings stained, first building just got new roof. 4 units have been remodeled with lpv & new paint. One unit was not painted but had lpv put down. Rest are in carpet. They get upgraded when someone moves out, but most never leave. Rent has been very cheap for long time. The trust was then distributed & seller has owned it since 12-29-22 & is trying to get rents up to where they should be & increases them when leases are up by at least $100.Goal is to get all 1 bdr to $900 & $1200 for 2 bdr. The rooms are good size and all 3 bldgs are two levels. The location is wonderful for people that like to walk to work, or don't have care. Would be great for one of the big amusement owners to buy this for their employees! Owner supply mini blinds for the units. 16 units in all. First Two Buildings the upstairs railings just got stained. bldg 235 just got new roof.

More Information

Income/Expenses

Gross Annual Income
159300

Property Sub-Type

Other
Yes

Construction

Block
Yes
Frame
Yes

Type of Units

1 Bedroom Unit
Yes
2 Bedroom Unit
Yes

Sale Includes

Building and Land
Yes

Cooling

Central Cooling
Yes

Floors

Carpet
Yes
Laminate
Yes

Garage/Parking

On Premise Parking
Yes

Tenant Expenses

Cooling
Yes
Electricity
Yes
Sewer
Yes
Water
Yes

Owner Expenses

Exterior Maintenance
Yes
Roof Maintenance
Yes
Trash Collection
Yes

Fuel

Electric
Yes

Heat

Central
Yes

Appliances

Dishwasher
Yes
Range
Yes
Refrigerator
Yes

Other Rooms

Other
Yes

Roof

Composition
Yes

New Financing

Cash
Yes

Showing

See Agent Instructns
Yes

Property Features

Property Sub-Type: Other Type of Units: 1 Bedroom Unit; 2 Bedroom Unit Sale Includes: Building and Land Floors: Carpet; Laminate Tenant Expenses: Electricity; Sewer; Water Owner Expenses: Exterior Maintenance; Roof Maintenance; Trash Collection Fuel: Electric Heat: Central Cooling: Central Cooling Appliances: Dishwasher; Range; Refrigerator Construction: Block; Frame Roof: Composition Other Rooms: Other New Financing: Cash Showing: See Agent Instructns
Listing Office: Karen Whitlock Realty
IDX
Office Phone: 865-774-4848
Last Updated: November – 01 – 2024
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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