1838 Elk Springs WAY new Save Request In-Person Tour Request Virtual Tour
Gatlinburg,TN 37738
Key Details
Property Type Single Family Home
Sub Type Cabin
Listing Status Active
Purchase Type For Sale
Square Footage 3,276 sqft
Price per Sqft $274
Subdivision Elk Springs Resort
MLS Listing ID 306285
Style Cabin,Log
Bedrooms 5
Full Baths 4
HOA Fees $200/mo
Year Built 2007
Annual Tax Amount $4,110
Tax Year 2024
Property Sub-Type Cabin
Property Description
Your dream investment cabin has just hit the market! ''Diamond in the Rough'' is a five bedroom, four bath cabin in Elk Springs Resort just outside of Gatlinburg in the Glades Arts & Crafts Community. If you are looking for a turn key, hands off investment, this is the property for you. Based on total 2024 income and expenses the property produced over a 6% cap rate. With the rental income pacing of 2025 to exceed 2024 along with the ultra low list price of $274 per square foot the cabin has a higher appreciation potential than the vast majority of cabins on the market today.
The cabin has produced a stellar rental income and the low operating costs create an appealing investment opportunity. The property features a view of Mt LeConte, along with top notch private theater room. The $200 monthly HOA fee is a bargain as it includes the water and Xfinity cable/internet which often is higher than $200 monthly on its own! Elk Springs Resort is also one of the few cabin communities that has natural gas (through Sevier County Utility District) so your fireplaces will heat effectively and efficiently! Operating costs are surprisingly low and among the very lowest you'll see for a five bedroom STR cabin of its size in Sevier County. Monthly averages of electric at $212, community septic $102, gas $109, the cable/internet/water all covered within the $200 HOA fee, and reasonable insurance costs ($224/month for current owner) equate to one of the lowest costs of operation for a quality five bedroom cabin in our market.
There are decks and porches galore at ''Diamond in the Rough'' allowing for some great porch sitting and opening up opportunities for some outdoor living for guests. There is even a pretty decent view off the porches to take in the grandeur of the Smokies. ''Diamond in the Rough'' doesn't lack fun or amenities and this isn't your run of the mill theater room haphazardly thrown into a game room as a secondary thought. This cabin features a quality theater room with T&G walls for folks to watch their favorite shows in style! Opportunities for fun abound in the large game room area. The cabin is also tastefully decorated throughout.
Elk Springs Resort and this cabin are ideally situated in the Gatlinburg Arts & Crafts community just east of Gatlinburg. The property is easily accessed without steep roads and just minutes from downtown Gatlinburg and even closer to the Gatlinburg Arts & Crafts Community on Glades Road. Schedule a showing and write an offer on this spectacular cabin - you won't be disappointed! The great rental income, convenient easy access location, and excellent bang for your buck HOA fees are a recipe for success in our short term cabin rental market. The owners of the property will consider owner financing depending on the terms of the offer/contract.
Location
State TN
County Sevier
Zoning R-1
Interior
Flooring Wood
Fireplaces Number 3
Laundry Electric Dryer Hookup,Washer Hookup
Exterior
Exterior Feature Gas Grill,Rain Gutters
Pool Hot Tub
Utilities Available Cable Available
Amenities Available Other
View Y/N Yes
View Mountain(s),Seasonal
Roof Type Metal
Building
Story 3
Sewer Shared Septic
Water Public
Structure Type Frame,Log Siding,Stone,Wood Siding
New Construction No
Others
Acceptable Financing 1031 Exchange,Cash,Conventional,Owner May Carry
Listing Terms 1031 Exchange,Cash,Conventional,Owner May Carry