2482 Elk Way, Newport, TN 37821

• 6 beds |
• 10 baths |
• 6,133 sqft

Property Description

Turnkey Smoky Mountains Investment Opportunity - Income-Producing Tri-Plex + Single-Family Home with Mountain Views both front and rear. Total lease for the four units combined $5,900 monthly Income. Discover a rare, cash-flowing multi-property asset in East Tennessee featuring a fully leased tri-plex and a separate single-family residence also leased, ideally located near medical facilities, shopping, and dining. The tri-plex offers three 1-bedroom, 1.5-bath units (1,187 SF each), all currently producing income and well suited for either long-term or short-term rental strategies. Recent capital improvements include a brand-new roof on both the Tri-Plex and house and new HVAC systems on the tri-plex, significantly reducing near-term maintenance and capital expenditure for the next owner. Next door, the 3-bedroom, 4-bath single-family home adds another income stream or provides an excellent owner-occupant option. The home is 2,569 sq ft with a two-car garage and features a newly built deck, and a partially fenced yard. Additional value comes from the open frontage land and a total of 1.93 acres offering future development or expansion potential (subject to zoning), making this a compelling value-add opportunity. Whether you're looking to expand a rental portfolio, capitalize on short-term rental demand near the Smokies, or have a single-family residence while generating multiple income streams, this property delivers: Immediate cash flow Multiple rental strategies, major system upgrades already completed desirable location Long-term appreciation potential A true turnkey investment with flexibility. This property is 53 minutes to Knoxville, 48 minutes to Pigeon Forge or Gatlinburg and only 45 minutes to Hot springs NC.

Listing Status:

Active

Date Added:

January 27, 2026

Data Last Updated:

April 4, 2026 at 7:38PM

Listing Office:

Country Living Realty : 423-430-9012

MLS ID:

309917

Interior

• General: Ceiling Fan(s)Eat-in KitchenHigh Speed InternetKitchen IslandWalk-In Shower(s)
• Laundry: Electric Dryer HookupIn GarageLaundry RoomMain LevelWasher Hookup
• Flooring: CarpetLaminateTile
• A/C: Heat Pump
• Heating: Heat Pump
• Fireplace: Wood BurningFireplaceFireplaces: 1

Exterior

• Parking: CommonGarage Door OpenerGravelMain Level Garage

Construction

• Windows: Double Pane Windows
• General: Vinyl SidingWood Siding

Location

• Road/Access: Gravel
• Originating MLS: Great Smoky Mountains Association of REALTORS®
• County: Cocke

Lot

• Zoning: Residential083 03909 000
• View: Mountain(s)View
• Fencing: Chain LinkPartial
• Current Use: Multi-FamilyResidential

Utilities

• Utilities: Cable ConnectedElectricity ConnectedWater Connected220 Volts
• Water: Public
• Sewer: Septic TankSeptic Permit On File

Financial

• Source: Great Smoky Mountains Association of REALTORS®