#708173, Jamey Southerland, Listing office: Keller Williams Properties
$339,900 List price
2481 Elk Way Newport, TN 37821
4 beds
4 full
1,800 sqft
1.4 acres
$189 / sqft
Multi-Family
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
Home typeMulti Family
HeatingDuctless, Separate Meters
StatusActive
CoolingCeiling Fan(s)
Size1,800 sqft
Lot size1.44 Acres
Year built1985
MLS #707336
FireplaceMetal
Summary
- Full Bathrooms: 4
- Appliances: Dishwasher, Electric Oven, Electric Range, Refrigerator
- Flooring Type: Laminate, Tile, Wood
- Interior: Ceiling Fan(s)
- Fireplace: Metal
- Total Bedroom Count: 4
- Exterior: Gutters, Porch, None
- Heating: Ductless, Separate Meters
- Cooling: Ceiling Fan(s)
- List Price: $339,900
- Price/SqFt: $188
- Annual Tax Amount: $1,582
- Tax Year: 2023
- Lot: Back Yard, Open Lot, Views
- 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
- Year Built: 1985
- Stories: 1
- Living Area: 1,800 SqFt
- Lot Size: 1.44 Acres
- MLS Number: 707336
- MLS Name: Lakeway
- Office Name: Mason Realty Company
- Office Phone: (850) 222-2340
- 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: 7/14/2025, 10:45:38 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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. The majority of Newport, TN residents have income less than $<35k annually. Residents typically live in married, no kids family. Residents of this area typically have high school diploma education.
How much money do the neighbors make?
57%
<35k
36%
35k-100k
7%
100k-200k
0%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
What types of families live nearby?
32%
Single, No Kids
14%
Single, with Kids
34%
Married, No Kids
20%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
13%
<11 yrs old
8%
12-17 yrs old
17%
18-34 yrs old
46%
35-64 yrs old
16%
65+ yrs old
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
All data provided by Home Junction and Claritas
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Frequently asked questions
About 2481 Elk Way
The listing price of 2481 Elk Way property is $339,900.
The property 2481 Elk Way is a multi located in Newport, Tennessee, 37821.
Active Listing: 2481 Elk Way is For Sale (Active/New) which means the seller is accepting offers.
The nearby schools for 2481 Elk Way are: Catons Chapel Elementary School (GreatSchools Rating 5/10), Pittman Center Elementary School (GreatSchools Rating 5/10), Dandridge Elementary School (GreatSchools Rating 6/10), Cosby Elementary School (GreatSchools Rating 5/10), Newport Grammar School (GreatSchools Rating 8/10), Edgemont Elementary School (GreatSchools Rating 5/10), Cosby High School (GreatSchools Rating 4/10), Cocke County High School (GreatSchools Rating 4/10), Gatlinburg Pittman High School (GreatSchools Rating 7/10).
According to the records, the last property tax for 2023 is $1,582 (source: MLS/based on county public records data).
The last sale was on May 13, 2021 for $175,000 (source: MLS/tax record).
The property 2481 Elk Way is 1,800 SqFt (source: MLS/tax record).
The year of construction for 2481 Elk Way is 1985.
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.
While more than 4 listings in Newport, TN in June 2025 were sold above asking price, there were more than 2 listings sold at asking price, and more than 12 were sold below. In June 2025 in Newport, TN there were 8% less homes for sale than in May. In June 2025 median list price was $265,000 and the average listing age was 37 days.
From Rocket Homes Real Estate and based on county public records data.