Dudley Creek Apartments
6-Unit Value-Add Investment Opportunity in Gatlinburg, TN
Marketing description
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.
Investment highlights
- Six unit property with a practical mix of studio, one bedroom, and two bedroom units
- Located near the Gatlinburg Parkway, the area’s primary employment corridor driven by tourism, hospitality, and retail
- 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 properties
- Recent capital improvements including full electrical rewiring and updated plumbing in the two-story building
- Short drive to the Gatlinburg Strip and Parkway, providing direct access to major employment centers, attractions, and year-round economic activity
- Potential to transition units to short- or medium-term rentals, capitalizing on Gatlinburg’s strong tourism demand
- Stainless steel appliances in all units including refrigerator, dishwasher, and oven
- Utilities are individually metered and paid by tenants
- Simple, efficient expense structure with trash included in property taxes and low common area utility costs
- 445 Dudley Creek is built atop a crawlspace, and 447 Dudley Creek is built on a slab foundation
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