Active Under Contract
Great Investor opportunity at 11% Cap Rate. Timber Ridge Mobile Home Park is a 22-pad park located on a 6.2 acre lot in Johnson City, TN. The park is presently managed and maintained by a 3rd party property management firm that is willing to stay on with a new owner. The park consists of 21 Park-Owned Homes (POH) that are all currently occupied. An extra pad is empty and ready for another mobile home. A paved road goes through the entire park. There are 2 storage buildings with extra materials for the mobile homes that convey. All homes are individually metered for electric and directly-billed to tenants. The park is currently on a regularly maintained septic system. Water and sewer costs are built into the rent. There is also the option for the next owner to invest in infrastructure to move to city sewer and water if desired. Annual income for the park is $144,120. Significant investments have been made by current owners over the past year including remodeling a third of the park that allowed for rent increases, half of the park has new split hvac units and numerous cosmetic upgrades. The park is located within 2 miles from a Walmart.
Details for 3211 MAYFIELD DR
Price per square foot and days on website are not provided values and are calculated by RE/MAX.
Listing Office SIGNATURE PROPERTIES, (423) 343-7777
Updated 4:20AM - 2/4/2023
Listing Agent EDWARD GRINDSTAFF
The data relating to real estate for sale on this website comes in part from the Internet Data exchange (IDX) program of the Tennessee Virginia Regional MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than , are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright© 2022 Tennessee Virginia Regional MLS. All Rights Reserved.
Area Information for 3211 MAYFIELD DR
Data Provided by Google Maps