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535 Old Knoxville Hwy

Newport, TN 37821

– beds
– baths
18,582 sqft
$226 per sqft
2023 build
– on site

Prime Investment Opportunity: Modern 19 Unit Complex with High Growth Potential Newly constructed 19 unit Multi-Family complex spanning a total of 4.23 acres, offers an exceptional investment opportunity with a solid cap rate. The complex includes six buildings with three townhouse-style units each, plus a .54-acre lot featuring a single-family house with 2,382 square feet with 4 bedrooms and 3 baths, bringing versatility to your investment portfolio. The triplexes, built in 2023, feature two-story townhouse layouts, 2-bedroom units with 1.5 baths, granite countertops, stainless steel appliances, NuCore LVP flooring, knock-down walls for durability, private decks, a full laundry closets on the main floor, keyless entry, and 2 parking spaces per unit. Each unit is individually metered, with renters responsible for their own utilities, making them efficient and low-maintenance. The split-level home spans 2,382 square feet, currently offering additional rental income and could possibly provide room for development or expansion for future triplexes. Additionally, the complex includes an income-generating billboard leased to Lamar Advertising on an annual contract, up for renegotiation in 2025, providing an added revenue stream. Occupancy rates have remained consistently strong, averaging 95-100%. Renters are responsible for their own utilities, reducing ongoing costs for the property owner. With room for further development, and an impressive cap rate, the property is a turnkey asset with substantial growth potential. Strategically located just 5 minutes to Interstate 40, this property offers convenient access to shopping, dining, and other essentials, making it highly attractive to renters. Don't miss the chance to add this high-performing, low-maintenance asset to your portfolio.

Listing courtesy of KAARMLS / Realty Executives Associates

Last checked: Checking… • Last updated Nov 24, 2024 •

MLS# 1283461 —

The Building

Year Built:

2023
New Construction:

No
Construction Materials:

Vinyl Siding, Block, Frame
Architectural Style:

None
Direction Faces:

None
Roof:

None
Stories:

None
Stories Total:

None
Basement:

None
Exterior Features:

Windows - Insulated, Windows - Vinyl, Doors - Energy Star, Deck, Window - Energy Star
Patio & Porch Features:

None
Security Features:

None
Accessibility Features:

None
Building Area Total:

18582.0

Interior

Rooms Total:

None
Flooring:

Vinyl, Sustainable, Other
Fireplace:

No
Fireplaces Total:

None
Fireplace Features:

None
Laundry Features:

None

Room Dimensions

Living Area:

None
Living Area Units:

None
Living Area Source:

None

Location

Directions:

Take exit 432 for US-25W/US-70/US-411 S toward Newport/Sevierville 0.1 mi Take the ramp to US-25W S/US-411 N/US-70 E/Hwy 411 N 253 ft Turn left onto US-25W S/US-411 N/US-70 E/Hwy 411 N Continue to follow US-70 E Destination will be on the right

The Property

Parcel Number:

046 147.00
Property Type:

Multi-Family
Property Subtype:

None
Lot Features:

None
Lot Size Dimensions:

159X135/150
Lot Size Source:

None
Zoning:

None
Zoning Description:

None
Current Use:

None
Possible Use:

None
Topography:

None
View:

None
Fencing:

None
Waterfront:

No
Water Body Name:

None
Frontage Type:

None
Road Frontage Type:

None
Property Attached:

No

Listing Agent

Contact info:

Taxes

Tax Annual Amount:

None

Beds

Bedrooms Total:

None

Baths

Full Baths:

None
Three Quarter Baths:

None
Half Baths:

None
Partial Baths:

None
Quarter Baths:

None

The Listing

Virtual Tour URL Branded:

None

Heating & Cooling

Heating:

Central, Electric
Heating:

true
Cooling:

Central Cooling, Ceiling Fan(s)
Cooling:

true

Utilities

Utilities:

None
Electric:

None
Sewer:

None
Water Source:

None

Appliances

Appliances:

Dishwasher, Microwave, Range, Refrigerator, Self Cleaning Oven, Smoke Detector

Schools

Elementary School District:

None
Middle Or Jr High School District:

None

The Community

Senior Community:

No
Community Features:

None
Pool Private:

No
Pool Features:

None
Spa Features:

None
Association:

No
Association Fee:

None
Association Fee Includes:

None
Association Fee Frequency:

None

Parking

Attached Garage:

false
Carport Spaces:

None
Parking Features:

On Premise Parking, Off-Street Parking, Other

Explore the Area

My Commute

From

Sale history

Date	Event	Source	Price	% Change
11/24/24 Nov 24, 2024	Listed / Active	KAARMLS	$4,200,000

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This multifamily located in Newport, TN 37821 is currently for sale for $4,200,000. 535 Old Knoxville Hwy is a 18,582 square foot multifamily with – beds and – baths that has been on Estately for 0 days. This multifamily is in the attendance area of Newport Grammar School.

Listing Courtesy of: KAARMLS and Realty Executives Associates.

The information is being provided by Multiple Listing Service of the Knoxville Area Association of REALTORS. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase. 2024 Multiple Listing Service of the Knoxville Area Association of REALTORS. All Rights Reserved.