390 East Parkway, Gatlinburg, TN 37738
$1,100,000
Property Type:
Commercial Sale
Square Footage:
10,444
Lot Size (sq. ft.):
56,628
Status:
Closed
Current Price:
$1,100,000
List Date:
4/16/2018
Last Modified:
8/23/2024
Overview
Description
This 42-unit economy motel is currently operated as a weekly residential rental property and not as a tourist-area motel. It consists of 39 motel units and 3 small cottages. There is obvious significant deferred maintenance. It seems to be a good candidate for renovation or for the motel to be demolished and the site redeveloped. Fee simple land for sale is relatively scarce in Gatlinburg.
Listing Details MLS# 215676
General Property Information
- Number Of Buildings
- Yes
- Lot Size Dimensions
- 81///
- Lot Size Acres
- 1.3
- Living Area
- 10444
- Business Name
- Rainbow Motel
- Year Built
- 1964
- Bonus Room YN
- No
- Sign On Property YN
- No
- List Price/SqFt
- 124.38
- Sold Price/SqFt
- 105.32
- Number of Bonus Rooms
- 0
Property Features
Business Type:
Hotel/Motel
Levels:
One
Listing Terms:
Cash; Conventional; Fee Simple Improved
Possession:
Negotiable
Possible Use:
Other
Utilities:
Electricity Connected; Sewer Connected; Water Connected
Showing Requirements:
Appointment Only; Call Listing Agent
Location Tax and Legal
- Street Number
- 390
- Street Name
- East
- Street Suffix
- Parkway
- County
- Sevier
- State
- TN
- Zip Code
- 37738
- Property Sub Type
- Other
- MLS Area Major
- Gatlinburg
- Subdivision Name
- Other
Contract Information
- Original List Price
- 1299000
- Listing Contract Date
- 2018-04-16
- Owner Name
- Greenstein
- Listing Agreement
- Exclusive Right To Sell
- Rental History Gross Amount 1
- 0
- Rental History Year 1
- 0
- Rental History Gross Amount 2
- 0
- Rental History Year 2
- 0
- Association Fee
- 0
Remarks and Miscellaneous
- Public Remarks
- This 42-unit economy motel is currently operated as a weekly residential rental property and not as a tourist-area motel. It consists of 39 motel units and 3 small cottages. There is obvious significant deferred maintenance. It seems to be a good candidate for renovation or for the motel to be demolished and the site redeveloped. Fee simple land for sale is relatively scarce in Gatlinburg.
- Directions
- From the Parkway (US 441) in Gatlinburg, turn at Light #3 onto East Parkway (Hwy 321). Go approximately 1/2 miles to motel on Right.
Status Change Information
- Major Change Timestamp
- 2018-12-27T06:38:16Z
- Major Change Type
- Status Change
- Status Change Timestamp
- 2018-12-27
- Purchase Contract Date
- 2018-11-08
- Close Date
- 2018-12-27
- Close Price
- 1100000
- Buyer Financing
- Conventional
More Information
Currently Not Used
- Book/Page/Doc #
- 2575, 316
Showing Requirements
- Showing Instructions
- Agents: Please do not disburb business operations. Contact listing agent to arrange showings.
- Appointment Only
- Yes
- Call Listing Agent
- Yes
Location, Tax, and Legal
- Restrictive Covenants YN
- Yes
- Zoning
- C-2
- Zoning Entity
- Gatlinburg
- Tax Lot
- 00
- Tax Annual Amount
- 5609
- Tax Year
- 2017
Levels
- One
- Yes
Listing Terms
- Cash
- Yes
- Conventional
- Yes
- Fee Simple Improved
- Yes
Possession
- Negotiable
- Yes
Utilities
- Electricity Connected
- Yes
- Sewer Connected
- Yes
- Water Connected
- Yes
Income and Expenses
- Maintenance Expense
- 0
Possible Use
- Other
- Yes
Business Type
- Hotel/Motel
- Yes
Listing Office:
NAI Koella | RM Moore
Last Updated: August - 23 - 2024
Information deemed reliable but not guaranteed.