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Browse More Listings in Multifamily For Sale, Memphis, TN or Tennessee

Multifamily Property For Sale

Lamar Mobile Home Park

3023 Lamar Ave., Memphis, TN 38114

Price:
$375,000
No. Spaces:
50
Price/Space:
$7,500
Property Type:
Multifamily
Property Sub-type:
Mobile Home/ RV Community
Property Use Type:
Investment
Lot Size:
3.80 SF
Find Out More...

Last Verified 10/13/2009 Listing ID 15860696

Description

Ok ladies and gentlemen, No need to beat me up for financials on this one. Gross income is about $25K per year, operating expenses unknown. Yes I know purchase price is a bit tricky considering the income. This is a rehab project. Lots of "junkers" on the property need to be removed. 8 rentable duplexes on the property. Land value may get bank financing but as far as financing on income...forget it. City sewer and water (common) condition unknown. Electrical is good 60-100amp. Probably could stand some upgrades. Owned by a sweet old lady who is at the property almost daily shootin the bull with the few tenants in the park. She even cuts the grass herself. THIS IS A GOOD ONE FOR REDEVELOPMENT. ONCE REWORKED, LOT RENTS SHOULD BRING $200 PER MONTH.

Good interstate access. Some new retail development in the area. Properly done and Marketed, this one could be a home run. One of just a few mobile home parks left in Memphis, If it is used for anything else, it can never go back to mobile home park.

Map of 3023 Lamar Ave., Memphis, TN 38114 (Shelby County)

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Created 8/21/2008

Additional Information for 3023 Lamar Avenue, Memphis, TN 38114

Active For Sale - 1 Listing
Active For Lease - 0 Listing
Previously Listed - 0 Historic Listing
Sales Comparables Available - 0 RecentSales Record

View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.

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The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

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Multifamily Property For Sale - Lamar Mobile Home Park

3023 Lamar Ave., Memphis, TN, 38114