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445 Dudley Creek Rd
Gatlinburg, TN 37738
Dudley Creek Apartments · Multifamily Property For Sale
·
6 Units
Investment Highlights
- Located near the Gatlinburg Parkway, the area’s primary employment corridor driven by tourism, hospitality, and retail
- Recent capital improvements including full electrical rewiring and updated plumbing in the two-story building
- Stainless steel appliances in all units including refrigerator, dishwasher, and oven
- Strong long-term rental demand driven by a housing shortage for local workers in a market heavily dominated by short-term vacation rentals and Airbnb
- Potential to transition units to short- or medium-term rentals, capitalizing on Gatlinburg’s strong tourism demand
- Utilities are individually metered and paid by tenants
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/301871/dudley-creek-apartments
Marcus & Millichap has been selected to exclusively market for sale the Dudley Creek Apartments in Gatlinburg, Tennessee. This offering presents a rare value-add opportunity in the Smoky Mountains, one of the most supply-constrained and tourism-driven markets in the region.
This six-unit multifamily property offers a practical unit mix of studio, one-bedroom, and two-bedroom apartments in a high-demand location near the Gatlinburg Parkway. The asset provides direct access to the area’s primary employment base, driven by tourism, hospitality, and retail, and benefits from strong long-term rental demand due to a limited supply of workforce housing in a market dominated by short-term rentals.
Recent capital improvements, including full electrical rewiring and updated plumbing in the two-story building, help reduce near-term capital needs. Units feature stainless steel appliances, and utilities are individually metered and paid by tenants, supporting an efficient operating profile with low expenses and straightforward management.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Dudley Creek Apartments.
Marcus & Millichap has been selected to exclusively market for sale the Dudley Creek Apartments in Gatlinburg, Tennessee. This offering presents a rare value-add opportunity in the Smoky Mountains, one of the most supply-constrained and tourism-driven markets in the region.
This six-unit multifamily property offers a practical unit mix of studio, one-bedroom, and two-bedroom apartments in a high-demand location near the Gatlinburg Parkway. The asset provides direct access to the area’s primary employment base, driven by tourism, hospitality, and retail, and benefits from strong long-term rental demand due to a limited supply of workforce housing in a market dominated by short-term rentals.
Recent capital improvements, including full electrical rewiring and updated plumbing in the two-story building, help reduce near-term capital needs. Units feature stainless steel appliances, and utilities are individually metered and paid by tenants, supporting an efficient operating profile with low expenses and straightforward management.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Dudley Creek Apartments.
Property Facts
| Price Per Unit | $220,126 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.89% | Lot Size | 1.03 AC |
| No. Units | 6 | Building Size | 5,022 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1970 |
| Price Per Unit | $220,126 CAD |
| Sale Type | Investment |
| Cap Rate | 6.89% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.03 AC |
| Building Size | 5,022 SF |
| No. Stories | 2 |
| Year Built | 1970 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,529 CAD | 500 |
| 1+1 | 1 | $1,668 CAD | 650 |
| 2+1 | 4 | $1,981 CAD | 968 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $150,471 CAD | |
| Land Assessment | $44,065 CAD | Total Assessment | $194,536 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$44,065 CAD
Improvements Assessment
$150,471 CAD
Total Assessment
$194,536 CAD
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