Multifamily (Multi-Family)

3211 Mayfiled Dr
Johnson City, TN 37604

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Map & Directions

1 Story

FOR SALE – An offer has been accepted, BUT there are contigencies.

Price: $995,000 List Date: 2022-11-15 DOM: 74
City Tax: $1,363 County Tax: $1,714

Year Built: 0 About homes built before 1978

Total Area: 0 ft² (Finished & Unfinished)

Lot Size: 6.20 acre(s) Lot Dimensions: 6.2 Topography: Level, Sloped

Heating: Central Cooling: Central Air Water & Sewage: Public

Description

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.