9 days on rocket

535 Old Knoxville Hwy, Newport, TN, 37821

$4,200,000

0 Baths
18,582 SqFt
$226/SqFt
House

Location

Image provided by Mapbox

Property Highlights

Home TypeOther
ParkingOn Premise Parking, Off-Street Parking, Other
Year BuiltNew Const., 2023
HeatingCentral, Electric
CoolingCentral Air, Ceiling Fan(s)
MLS #1283461
StatusActive

About 535 Old Knoxville Hwy

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.

Property Details

Property Features

Property Information:

  • Year Built: 2023
  • Living Area: 18,582 SqFt

Listing Office:

  • Office Name: Realty Executives Associates
  • Office Phone: (865) 588-3232

Interior Features

Interior Information:

  • Appliances: Dishwasher, Microwave, Range, Refrigerator, Self Cleaning Oven
  • Flooring Type: Vinyl, Sustainable, Other

Exterior Features

Exterior Information:

  • Exterior: Windows - Insulated, Windows - Vinyl, Doors - Energy Star, Deck, Window - Energy Star

Parking Information:

  • Attached Garage: No
  • Parking: On Premise Parking, Off-Street Parking, Other

Utilities

Utilities Information:

  • Heating: Central, Electric
  • Cooling: Central Air, Ceiling Fan(s)

Other

Directions Information:

  • 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

Price Information

Listing Price Info

Price Summary:

  • List Price: $4,200,000
  • Price Per SqFt: $226/SqFt

Tax Information:

  • Annual Amount: $921
  • Tax Year: 2020
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Housing Market Comparison

See how this home compares to others in Newport, TN.

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Newport, TN

City

Med. Sold Price

$239.7K

Med. Price/SqFt

$177

Avg. Days On Market

41

# of Sold Homes

5

535 Old Knoxville Hwy vs Newport

9 DAYS ON ROCKET

-32 Days

$4,200,000

+$3.9M More

$226/SqFt

+$48 More

KEY TAKEAWAY

This property is $3.9M more than the Median Sold Price and $48/SqFt more than other homes in Newport, TN.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: East Tennessee REALTORS® MLS
  • MLS Number: #1283461

Listing Office:

  • Office Name: Realty Executives Associates
  • Office Phone: (865) 588-3232

IDX The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.

The Knoxville Area Association of REALTORS® Multiple Listing Service does not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.

Information deemed reliable but not guaranteed. This information is updated daily, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.

Copyright © 2024 Knoxville Area Association of REALTORS® Multiple Listing Service.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 12/3/2024, 11:50:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

Tax History

YEARPROP. TAXASSESSMENT
2020$921$18,500
2019$746$13,625
2018$746$13,625
2017$747$13,625

History based on county public records data.

Payment Calculator

$21K

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$12.6K

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NMLS#3030

Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Nearby Schools

school-card-donut-3797276
6
/10

  • Dandridge Elementary School

  • 780 Highway 92 S

  • 12.92 miles

  • Public District Grades PK-5

school-card-donut-3797277
6
/10

  • Witt Elementary School

  • 4650 S Davy Crockett Pkwy

  • 13.56 miles

  • Public District Grades PK-5

school-card-donut-3797278
4
/10

  • McDonald Elementary School

  • 8120 McDonald Rd

  • 14.22 miles

  • Public District Grades PK-5

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $14,458. The most common annual income of people living in Newport, TN is less than $35k. The majority of families are single, no kids. The most common level of education of people living in this area is high school diploma.

All data provided by Home Junction and Claritas

Frequently Asked Questions About 535 Old Knoxville Hwy

What is the listing price of this property?

The listing price of 535 Old Knoxville Hwy property is $4,200,000.

What type of property is this?

The property 535 Old Knoxville Hwy is a house located in Newport, Tennessee, 37821.

Is this property for sale now?

Active Listing: 535 Old Knoxville Hwy is For Sale (Active/New) which means the seller is accepting offers.

What is the annual property tax for this property?

According to the records, the last property tax for 2020 is $921 (source: MLS/based on county public records data).

What is the square footage of this property?

The property 535 Old Knoxville Hwy is 18,582 SqFt (source: MLS/tax record).

Which year was this property built?

The year of construction for 535 Old Knoxville Hwy is 2023.
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Rocket Homes›Tennessee›Cocke County›Newport›37821›535 Old Knoxville Hwy

This home is located at 535 Old Knoxville Hwy in Newport, TN and zip code 37821. This 18,582 square foot home was built in 2023. It has been listed on Rocket Homes since November 24, 2024 and is currently priced at $4,200,000.

Newport, TN housing market in November 2024 saw over 0 listings sold above listed price, more than 1 sold at listed price and over 4 sold below. While the average time on the market in November 2024 was 41 days, the median list price was $239,700.

From Rocket Homes Real Estate and based on county public records data.

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