$339,900

2481 Elk Way Newport, TN 37821

Estimated payment $1,980/month

Total Views 6,666
4 Beds
4 Baths
1,800 Sq Ft
$189 Price per Sq Ft

Highlights

  • No Units Above
  • Wood Flooring
  • Double Pane Windows
  • Mountain View
  • Porch
  • 1-Story Property

About This Home

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 unitTwo septic tanks on siteNew Whirpool waher, dyer and refrigerators in the 2 end unitsNew Mini-Split HVAC unit for one of the 2 unfinished units5 electric meter bases ( 4 Currently installed)Trex material for an additional porchCleared 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 !!

Listing Agent

Joe Shults

MASON REALTY COMPANY License #307896 Listed on: 04/25/2025

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $1,582

Year Built

  • Built in 1985 | Remodeled in 1992

Lot Details

  • 1.44 Acre Lot
  • No Units Above
  • Open Lot
  • Back Yard

Home Design

  • Block Foundation

Interior Spaces

  • 1,800 Sq Ft Home
  • 1-Story Property
  • Ceiling Fan
  • Metal Fireplace
  • Double Pane Windows
  • Insulated Windows
  • Tilt-In Windows
  • Window Treatments
  • Mountain Views
  • 220 Volts In Laundry

Kitchen

  • Electric Range
  • Dishwasher

Flooring

  • Wood
  • Laminate
  • Tile

Bedrooms and Bathrooms

  • 4 Bedrooms
  • 4 Full Bathrooms

Outdoor Features

  • Porch

Schools

  • Cosby K-12 Elementary School
  • Cosby Middle School
  • Cosby High School

Utilities

  • Ductless Heating Or Cooling System
  • Heating Available
  • Septic Tank

Listing and Financial Details

  • Assessor Parcel Number 039.03

Community Details

Overview

  • 5 Units

Building Details

  • 3 Leased Units
  • 2 Vacant Units
  • 3 Units Leased Month-To-Month
  • Absolute Net

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$1,582

Year Built

Built in 1985 | Remodeled in 1992

Lot Details

0

Listing Details

  • Year Built: 1985
  • Fencing: None
  • Property Sub Type: Multi Family
  • Prop. Type: Residential Income
  • Lot Size Acres: 1.44
  • Lot Size: F364' L 194' R 122' B 307'
  • Road Frontage Type: None
  • Road Surface Type: Gravel
  • Directions: Go R onto HWY. 321 S Take L onto Old Hwy. 32 5.7 miles take r onto Oneil Rd go .5 miles the L onto Elk Way in 900 ft. take left 600 t left 250ft arrive at property with sign
  • Above Grade Finished Sq Ft: 1800.0
  • Structure Type: Multi Family
  • Location Tax and Legal:Tax Annual Amount: 1582.08
  • Location Tax and Legal:Tax Year2: 2024
  • Location Tax and Legal:Parcel Number2: 039.03
  • General Property Information:Lot Size Dimensions: F364' L 194' R 122' B 307'
  • Water Source:Public: Yes
  • Location Tax and Legal:Middle or Junior School: Cosby (K-12)
  • Location Tax and Legal:Elementary School: Cosby K-12
  • Location Tax and Legal:High School: Cosby (K-12)
  • General Property Information:Above Grade Finished Area: 1800.0
  • General Property Information:Fireplace YN: No
  • Appliances Refrigerators: Yes
  • Flooring:Tile: Yes
  • Foundation Details:Block3: Yes
  • Levels:One: Yes
  • View:Mountain(s): Yes
  • Utilities:Sewer Connected: Yes
  • Flooring:Laminate: Yes
  • Flooring:Wood: Yes
  • General Property Information:View YN2: Yes
  • Utilities:Electricity Connected: Yes
  • Utilities:Water Connected: Yes
  • Property Condition:Year Built Effective: 1992
  • Electric:Circuit Breakers: Yes
  • Property Condition:UpdatedRemodeled: Yes
  • General Property Information:Number Of Units Total2: 5.0
  • Roof:Metal: Yes
  • Structure Type Multi Family: Yes
  • Common Walls No One Above: Yes
  • Electric 220 Volts in Laundry: Yes
  • Common Walls 2 Common Walls: Yes
  • General Property Information Acres: 1.44
  • Existing Lease Type Absolute Net: Yes
  • Special Features: None
  • Year Renovated: 1992

Interior Features

  • Flooring: Laminate, Tile, Wood
  • Appliances: Dishwasher, Electric Oven, Electric Range, Refrigerator
  • Levels: One
  • Interior Amenities: Ceiling Fan(s)
  • Owner Pays: Taxes, Water
  • Full Bathrooms: 4
  • Total Bedrooms: 4
  • Fireplace Features: Metal
  • Fireplace: No
  • Window Features: Double Pane Windows, Insulated Windows, Tilt Windows, Vinyl Frames, Window Coverings
  • Appliances Dishwasher: Yes
  • Appliances:Electric Oven: Yes
  • Appliances:Electric Range: Yes
  • Interior Features:Ceiling Fan(s)2: Yes

Exterior Features

  • Exterior Features: Rain Gutters
  • Lot Features: Back Yard, Open Lot, Views
  • Pool Features: None
  • View: Mountain(s)
  • View: Yes
  • Common Walls: 2+ Common Walls, No One Above
  • Construction Type: Block, Log Siding
  • Foundation Details: Block
  • Patio And Porch Features: Porch
  • Property Condition: Updated/Remodeled
  • Construction Materials:Block2: Yes
  • Window Features:Double Pane Windows: Yes
  • Patio And Porch Features:Porch: Yes
  • Window Features:Tilt Windows: Yes
  • Window Features:Vinyl Frames: Yes
  • Window Features:Window Coverings: Yes
  • Construction Materials:Log Siding: Yes
  • Window Features:Insulated Windows: Yes
  • Exterior Features:Rain Gutters: Yes
  • Lot Features:Views: Yes
  • Lot Features:Back Yard2: Yes
  • Lot Features:Open Lot: Yes

Garage/Parking

  • Unit 1:Garage YN3: No

Utilities

  • Heating: Ductless, Separate Meters
  • Sewer: Septic Tank
  • Electric: 220 Volts in Laundry, Circuit Breakers
  • Heating Yn: Yes
  • Utilities: Electricity Connected, Sewer Connected, Water Connected
  • Water Source: Public
  • Sewer Septic Tank: Yes
  • Heating:Ductless2: Yes
  • Heating:Separate Meters2: Yes

Schools

  • Elementary School: Cosby K-12
  • High School: Cosby (K-12)
  • Middle Or Junior School: Cosby (K-12)

Lot Info

  • Lot Size Sq Ft: 62726.4
  • Parcel #: 039.03

Rental Info

  • Tenant Pays: Electricity

Multi Family

  • Number Of Units Total: 5
  • Existing Lease Type: Absolute Net
  • Number Of Units Leased: 3
  • Number of Month to Month Units: 3
  • Number Of Units Vacant: 2

Tax Info

  • Tax Annual Amount: 1582.08
  • Tax Map Number: 083
  • Tax Year: 2024

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/25/2025 04/25/25 For Sale $339,900 +94.2% $189 / Sq Ft
05/11/2021 05/11/21 Sold $175,000 0.0% $58 / Sq Ft
04/11/2021 04/11/21 Pending -- -- --
04/09/2021 04/09/21 For Sale $175,000 -- $58 / Sq Ft
Source: Lakeway Area Association of REALTORS®

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Source: Lakeway Area Association of REALTORS®

MLS Number: 707336

Lakeway Area Association of REALTORS®
Tennessee Cocke County Newport 37821

2481 Elk Way, Newport, TN

This home is located at 2481 Elk Way, Newport, TN 37821 and is currently priced at $339,900, approximately $188 per square foot. This property was built in 1985. 2481 Elk Way is a home located in Cocke County with nearby schools including Cosby Elementary School and Cosby High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Lakeway Area Association of REALTORS® IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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Listing Agent
Joe Shults
Section Image
MASON REALTY COMPANY
(423) 568-5524