711 Panther Creek Court
Property Description
Rare investment opportunity in a prime West Morristown location! Located in The Springs at Panther Creek, this well-maintained side-by-side duplex offers an excellent rental history, established tenants and immediate income in one of Morristown's most desirable and convenient areas. The property consists of two townhouse-style units totaling approximately 2,074 square feet. Each unit features 2 bedrooms, 2 full bathrooms and a private 1-car attached garage. The main level offers a spacious living area, open kitchen with stove, dishwasher and refrigerator, laundry hookups and a full bathroom. Bedrooms and an additional full bathroom are located upstairs. The property currently generates $3,345 per month in gross rental income, or $40,140 annually, with an excellent rental history. Another major advantage for investors: tenants pay ALL utilities, including electricity, water, sewer and trash. Each unit is separately metered, keeping owner-paid operating expenses to a minimum. Based on seller-provided current income and operating expenses, the property produces an estimated NOI of $34,791.52, representing approximately a 6.71% cap rate at the $519,000 asking price. Current reported owner expenses include approximately $2,577.48 annually in property taxes, $951 annually for insurance and $1,820 annually for lawn maintenance. Both units are currently occupied by established tenants, including a recently executed 2-year lease, allowing a new owner to step into an income-producing property from day one. Additional features include a roof approximately 2 years old, attached garages and a fenced backyard, adding to the property's tenant appeal and long-term rental desirability. Location is a standout feature. Situated on a quiet cul-de-sac in prime West Morristown, just off the West Andrew Johnson Highway corridor, the property is convenient to shopping, restaurants, schools, medical facilities, employment centers and everyday amenities, while also offering easy access to Panther Creek State Park. With its prime West End location, excellent rental history, 100% tenant-paid utilities, established tenants, fenced backyard, attached garages and low owner-paid expenses, this is a strong opportunity for an investor looking for an established multifamily property with immediate cash flow.
Broker Details
Crye-Leike Lakeway West 423-586-4115
MLS ID: 339_4279 State License Number: 363246
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $519,000 |
| No. of Units: | 2 |
| Year Built: | 1998 |
| Lot Size: | 2,074.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $259,500 |
| Property Website | Click Here |
| Number of Bedrooms: | 4 |
| Number of Bathrooms: | 4 |
ID: 3yd-LAARTN-712850
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