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
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.
More Information MLS# 215676
Location, Tax, and Legal
Restrictive Covenants YN: Yes
Zoning: C-2
Zoning Entity: Gatlinburg
Tax Lot: 00
Tax Annual Amount: 5609
Tax Year: 2017
Contract Information
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
Current Price: $1,100,000
Original List Price: 1299000
Sold Price: $1,100,000
Status: Closed
Listing Contract Date: 2018-04-16
General Property Information
Number Of Buildings: 1
Lot Size Dimensions: 81///
Lot Size Acres: 1.3
Business Name: Rainbow Motel
Bonus Room YN: No
Number of Bonus Rooms: 0
Sign On Property YN: No
List Price/SqFt: 124.38
Sold Price/SqFt: 105.32
Living Area: 10444
Year Built: 1964
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
Status Change Timestamp: 2018-12-27
Buyer Financing: Conventional
Major Change Timestamp: 2018-12-27T06:38:16Z
Major Change Type: Status Change
Purchase Contract Date: 2018-11-08
Close Date: 2018-12-27
Close Price: 1100000
Currently Not Used
Book/Page/Doc #: 2575, 316
Levels
One: 1
Listing Terms
Cash: 1
Conventional: 1
Fee Simple Improved: 1
Possession
Negotiable: 1
Utilities
Electricity Connected: 1
Sewer Connected: 1
Water Connected: 1
Income and Expenses
Maintenance Expense: 0
Possible Use
Other: 1
Business Type
Hotel/Motel: 1
Showing Requirements
Appointment Only: 1
Call Listing Agent: 1
Showing Instructions: Agents: Please do not disburb business operations. Contact listing agent to arrange showings.
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
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
Listing Office:
NAI Koella | RM Moore
Last Updated: August - 23 - 2024
Information deemed reliable but not guaranteed.