455 Fish Hatchery Rd Morristown, TN 37813-3083

Property Details for 455 Fish Hatchery Rd

Year built

1984

Lot size

2.85 lot acres

Property size

12,960 SF

Property type

Commercial real estate

APN

032042 01500

APU

3204201500

Description

This exceptional Morristown, TN investment property offers a compelling blend of residential and commercial income streams. The 25,000 square foot, two-story building, constructed in 1984 and renovated in 2023, sits on a 2.85-acre lot and includes 20 residential units and 7 commercial spaces, currently operating at 95% occupancy. Six of the commercial spaces are leased, while one remains vacant, presenting an opportunity for further value creation. The property also features a convenience store with four gas pumps, contributing to a stable income base. The current Net Operating Income (NOI) is $174,640, yielding a 5.14% cap rate at an asking price of $3,400,000 ($136/sq ft). Significant upside potential exists through lease renegotiations and rental increases for the currently under-rented residential units and below-market commercial spaces. The property boasts 58 parking spaces and is strategically located off Davy Crockett Parkway, providing easy access to Interstate 81, ensuring high visibility and convenient access for residents and businesses. This value-add opportunity is situated in a rapidly growing community, promising long-term appreciation and occupancy stability. The property's strong cash flow, combined with its prime location and potential for increased profitability, makes it an attractive investment for those seeking significant returns.

Location Insight

City

Morristown

County

Hamblen

State

Tennessee

Longitude

-83.2724

Latitude

36.1946

CBSA code

34100

CBSA name

MORRISTOWN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments