Income-Producing 5-Unit multi-family property offers immediate rental income and room to grow. Each unit is a 1bed/1 bath, approximately 600 sq fteach, for a total of 3,000 sq ft.
Three units are currently rented, with the center section offering flexibility for two more one bedroom units or a 2 bedroom unit-buyer's choice.
Key Features:
Mountain Views from every unit
Two septic tanks on site
New Whirpool waher, dyer and refrigerators in the 2 end units
New Mini-Split HVAC unit for one of the 2 unfinished units
5 electric meter bases ( 4 Currently installed)
Trex material for an additional porch
Cleared and compacted second building site with perk test completed - ideal for 3 additonal 1 bedroom units or a 3 bedroom home.
Currently producing $2100.00 a month, with the potential to reach $6,400.00 a month once the second build site is developed.
Located only 20 minutes from Gatlinburg and The Great Smoky Mountains National Park, this property sets in the heart of East Tennesee's outdoor paradise- perfect for long-term or short term rentals.
Don't miss this rare opputunity to own a versatile, income-producing property with endless potential and million -dollar views !!
Sold for $315,000
$315,000
2481 Elk Way, Newport, TN 37821
4beds
3,000sqft
Multi Family
Built in 1985
-- sqft lot
$-- Zestimate®
$105/sqft
$2,325 Estimated rent
Home value
Not available
Estimated sales range
Not available
$2,325/mo
Zestimate® history
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$2,325/mo
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$2,325/mo
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$1,843/mo
Est. payment
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Est. payment
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Zillow last checked:
Listing updated:
Listed by:
Joe Shults 423-237-1397,
Mason Realty Company
Bought with:
Joe Shults, 307896
Mason Realty Company
Source: Lakeway Area AOR,MLS#: 707336
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 4
- Full bathrooms: 4
Heating
- Ductless, Separate Meters
Appliances
- Included: Dishwasher, Electric Oven, Electric Range, Refrigerator
Features
- Ceiling Fan(s)
- Flooring: Laminate, Tile, Wood
- Windows: Double Pane Windows, Insulated Windows, Tilt Windows, Vinyl Frames, Window Coverings
- Has fireplace: Yes
- Fireplace features: Metal
- Common walls with other units/homes: 2+ Common Walls,No One Above
Interior area
- Total structure area: 3,000
- Total interior livable area: 3,000 sqft
- Finished area above ground: 1,800
- Finished area below ground: 0
Property
Features
- Levels: One
- Stories: 1
- Patio & porch: Porch
- Exterior features: Rain Gutters
- Pool features: None
- Fencing: None
- Has view: Yes
- View description: Mountain(s)
Lot
- Size: 1.44 Acres
- Dimensions: F364' L 194' R 122' B 307'
- Features: Back Yard, Open Lot, Views
Details
- Parcel number: 039.03
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Block, Log Siding
- Foundation: Block
Condition
- Updated/Remodeled
- New construction: No
- Year built: 1985
- Major remodel year: 1992
Utilities & green energy
- Electric: 220 Volts in Laundry, Circuit Breakers
- Sewer: Septic Tank
- Water: Public
- Utilities for property: Electricity Connected, Sewer Connected, Water Connected
Community & neighborhood
Location
- Region: Newport
Other
Other facts
- Road surface type: Gravel
Price history
| Date | Event | Price |
|---|---|---|
| 1/15/2026 | Sold | $315,000-7.3%$105/sqft |
Source:  Lakeway Area AOR #707336 Report a problem | ||
| 11/2/2025 | Pending sale | $339,900$113/sqft |
Source: Lakeway Area AOR #707336 Report a problem | ||
| 4/25/2025 | Listed for sale | $339,900+94.2%$113/sqft |
Source: Lakeway Area AOR #707336 Report a problem | ||
| 11/29/2024 | Listing removed | $750 |
Source: Zillow Rentals Report a problem | ||
| 11/27/2024 | Listed for rent | $750 |
Source: Zillow Rentals Report a problem | ||
| 5/11/2021 | Sold | $175,000$58/sqft |
Source: Lakeway Area AOR #601254 Report a problem | ||
| 5/11/2021 | Listed for sale | $175,000$58/sqft |
Source: Realty Executives Broker of Record #1148339 Report a problem | ||
| 4/13/2021 | Pending sale | $175,000$58/sqft |
Source: Lakeway Area AOR #601254 Report a problem | ||
| 4/8/2021 | Listed for sale | $175,000$58/sqft |
Source: Realty Executives Broker of Record #1148339 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $1,703 +7.7% | $113,600 +83.8% |
| 2024 | $1,582 | $61,800 |
| 2023 | $1,582 -0.2% | $61,800 |
| 2022 | $1,585 | $61,800 |
| 2021 | $1,585 +61.3% | $61,800 +61.3% |
| 2020 | $983 -6.7% | $38,320 +2.9% |
| 2019 | $1,054 | $37,240 |
| 2018 | $1,054 0% | $37,240 |
| 2017 | $1,054 -2.4% | $37,240 |
| 2016 | $1,080 +11.7% | $37,240 |
| 2015 | $967 | $37,240 |
| 2014 | $967 | $37,240 |
Find assessor info on the county website
Neighborhood: 37821
Nearby schools
GreatSchools rating
- 6/10Cosby Elementary SchoolGrades: K-8Distance: 3.5 mi
- 3/10Cosby High SchoolGrades: 9-12Distance: 3.5 mi
- NACocke Co Adult High SchoolGrades: 9-12Distance: 5.1 mi
Schools provided by the listing agent
- Elementary: Cosby K-12
- Middle: Cosby (K-12)
- High: Cosby (K-12)
Source: Lakeway Area AOR. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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- Tennessee
- Cocke County
- Newport
- 37821
- 2481 Elk Way
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