2481 Elk Way Newport, TN 37821
Property details
About 2481 Elk Way
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 !!
Highlights
Summary
- MLS Number: 707336
- MLS Name: Lakeway
- Office Name: Mason Realty Company
- Office Phone: (208) 734-8932
- Listing Agent: Joe Shults
Listing information provided in part by the Lakeway Area Association of Realtors for personal, non-commercial use by viewers of this site and may not be reproduced or redistributed. The information listed is from sources believed reliable but is not guaranteed, and is subject to change without notice.
Copyright © Lakeway Area Association of Realtors 2025. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 4/27/2025, 2:15:58 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$339,900
2481 Elk Way
$4,036
closing credit¹
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0.5% sale price²
Price information
Property sales
| Date | Event | Price |
|---|---|---|
| May 13, 2021 | Home Sold | $175,000 |
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2023 | $61,800 | $1,582 |
| 2022 | $61,800 | $1,585 |
| 2021 | $61,800 | $1,585 |
| 2020 | $38,320 | $983 |
History based on county public records data.
Nearby schools
5
Catons Chapel Elementary School
Public District PK-6
14.6 mi
•3135 Catons Chapel Rd
5
Pittman Center Elementary School
Public District PK-6
14.7 mi
•2455 E Parkway
6
Dandridge Elementary School
Public District PK-5
15.3 mi
•780 Highway 92 S
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $31,657. Most Newport, TN residents have annual incomes less than $<35k. Residents typically live in married, no kids family. Typical level of education for residents in this area is high school diploma.
How much money do the neighbors make?
What level of education do the neighbors have?
What types of families live nearby?
Are the neighbors home owners or renters?
How old are people in this area?
What do the neighbors do for fun?
NASCAR
Monster Trucks
Hunting
Where do the neighbors shop?
Dollar General
Wal-Mart
Bass Pro Shops
Where do the neighbors go to eat?
Hardee's
Jimmy Johns
Applebees
What do the neighbors drive?
GMC
Chevrolet
Ram
What do the neighbors listen to?
Classic Country- Country
New Country
This home is located at 2481 Elk Way in Newport, TN and zip code 37821. This 1,800 square foot home, which was built in 1985, sits on a 1.44 acre lot. Features: 4 bedrooms, 4 bathrooms. It has been listed on Rocket Homes since April 25, 2025 and is currently priced at $339,900.
Over 1 listings were sold over their listed price in March 2025 in Newport, TN. In the same period over 6 listings were sold below the listed price and 2 listings were sold for the listed price. Between February and March 2025, Newport, TN real estate market has seen increase in the number of listings by 22.5%. In March 2025 median list price was $239,700 and the average listing age was 54 days.