5954 Hiawatha Rd Morristown, TN 37814
Estimated payment $1,992/month
Highlights
- Cooling System Mounted To A Wall/Window
- Ceramic Tile Flooring
- Back Yard
- Laundry closet
- Baseboard Heating
About This Home
Investment Opportunity in West End Morristown - 9% Cap Rate Triplex on Nearly 1 Acre
Located in a desirable area of West End Morristown, this well-positioned triplex sits on a spacious 0.94-acre lot and offers immediate cash flow with a current cap rate of approximately 9%. Each unit is separately metered and fully occupied, providing stable rental income with room for future growth.
The property features ample parking, a large shared yard, and potential for expansion or value-add improvements. Whether you're a seasoned investor or looking to start your portfolio, this triplex presents a rare opportunity in a sought-after area close to schools, shopping, and major roadways.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $1,141
Year Built
- Built in 1979
Lot Details
- 0.94 Acre Lot
- Property fronts a county road
- Back Yard
Home Design
- Triplex
- Brick Exterior Construction
- Block Foundation
- Shingle Roof
Interior Spaces
- 2-Story Property
Flooring
- Linoleum
- Ceramic Tile
- Vinyl
Bedrooms and Bathrooms
- 6 Bedrooms
- 3 Full Bathrooms
Laundry
- Laundry closet
- 220 Volts In Laundry
Utilities
- Cooling System Mounted To A Wall/Window
- Baseboard Heating
- Septic Tank
Community Details
- 3 Units
- Gross Income $3,100
Listing and Financial Details
- Assessor Parcel Number 035.08
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $1,141 | $57,920 | $7,240 | $50,680 |
| 2023 | $1,141 | $57,920 | $0 | $0 |
| 2022 | $1,141 | $57,920 | $7,240 | $50,680 |
| 2021 | $1,141 | $57,920 | $7,240 | $50,680 |
| 2020 | $0 | $57,920 | $7,240 | $50,680 |
| 2019 | $904 | $42,440 | $7,240 | $35,200 |
| 2018 | $904 | $42,440 | $7,240 | $35,200 |
| 2017 | $904 | $42,440 | $7,240 | $35,200 |
| 2016 | $845 | $42,440 | $7,240 | $35,200 |
| 2015 | $785 | $42,440 | $7,240 | $35,200 |
| 2014 | -- | $42,440 | $7,240 | $35,200 |
| 2013 | -- | $53,280 | $0 | $0 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft | Prior Sale |
|---|---|---|---|---|---|
| 10/01/2025 10/01/25 | Price Changed | $359,900 | -1.4% | $234 / Sq Ft | |
| 09/13/2025 09/13/25 | Price Changed | $364,900 | -3.9% | $237 / Sq Ft | |
| 07/22/2025 07/22/25 | For Sale | $379,900 | +28.8% | $247 / Sq Ft | |
| 01/19/2024 01/19/24 | Sold | $295,000 | -1.6% | $127 / Sq Ft | View Prior Sale |
| 12/16/2023 12/16/23 | Pending | -- | -- | -- | |
| 10/03/2023 10/03/23 | For Sale | $299,900 | +15.3% | $129 / Sq Ft | |
| 02/17/2022 02/17/22 | Sold | $260,000 | -10.3% | $85 / Sq Ft | View Prior Sale |
| 01/05/2022 01/05/22 | Pending | -- | -- | -- | |
| 01/03/2022 01/03/22 | For Sale | $289,900 | +107.1% | $94 / Sq Ft | |
| 03/11/2019 03/11/19 | Sold | $140,000 | -11.9% | $91 / Sq Ft | View Prior Sale |
| 01/17/2019 01/17/19 | Pending | -- | -- | -- | |
| 01/07/2019 01/07/19 | For Sale | $159,000 | -- | $103 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $295,000 | Lakeway Title Services | |
| Quit Claim Deed | -- | None Listed On Document | |
| Warranty Deed | $260,000 | Lakeway Title Services | |
| Warranty Deed | $140,000 | Tennessee Land Title | |
| Warranty Deed | $50,000 | -- | |
| Warranty Deed | $50,000 | -- | |
| Warranty Deed | $50,000 | -- | |
| Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $295,000 | VA | |
| Previous Owner | $183,750 | New Conventional | |
| Previous Owner | $119,000 | Future Advance Clause Open End Mortgage |
Source: Lakeway Area Association of REALTORS®
MLS Number: 708381
APN: 039-035.08
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