New Listing - Income Opportunity
51-Acre Mobile Home Investment Property – Lookout Valley, TN
4509 Kellys Ferry Road, Chattanooga, TN 37419
Site Name : Lookout Valley Trailer Park
For Sale : $650,000
Zoning : R-3; Mobile Home
EASY INGRESS/EGRESS TO PROPERTY
1.5 MILES TO ACCESS INTERSTATE
LOCATED OFF PRIMARY TRAFFIC ROUTE IN AREA – CUMMINGS HWY
GORGEOUS SCENIC VIEWS OF SURROUNDING PROPERTIES
CURRENT OWNER HAD CITY COUNCIL PRE-APPROVE ZONING TO ALLOW A TOTAL OF 100 UNITS
Subject property features a 51-acre mobile home park in Lookout Valley, located just 6 miles outside downtown Chattanooga. There are currently 40 existing trailers sites, 16 of which are occupied. Great potential for future expansion. Current owner had land re-zoned to allow a total of 100 trailer sites on property.
Perfect opportunity for investor seeking land with growth capability and significant upside but does not require heavy involvement in property management. Tenants provide trailer and pay $175.00/month for the site. Also, Tenants pay for their own site’s water and electricity — individual hookups provided for each plat.
Lookout Valley is located 6 mins. outside of downtown Chattanooga and is nestled among Raccoon Mountain, Elder Mountain and Lookout Mountain. The area has experienced tremendous recent growth, especially in the residential construction of resort style “planned communities”, such as Black Creek Community – which is a neighborhood situated along one of TN’s finest golf courses; the area has been and continues to plan to capitalize on the high traffic that tourist attractions and proximity to the interstate bring to Exit 11 by adding fast food chains, retail and restaurants. As its residential population continues to expand, the area will evolve to meet the needs of an ever-growing community.
Though the area has been under steady development, there are several factors that will pose some limitations on Lookout Valley’s future growth. Approximately 46% of the land contains steep slopes (slopes of 25% or greater) making further development seemingly impossible on a vast majority of the land. Likewise, the area is made up of numerous water systems — Tennessee River, Lookout Creek and Black Creek — that cause approximately 8% of the total acreage to lie in the 100 year floodplain. Available property with mostly level topography and considered to be out of the floodplain will be on high demand throughout Lookout Valley’s future development. 4509 Kellys Ferry Road is not considered to be threatened by either of these limitations.
1.5 miles to access I-24 via Lookout Valley; great location to I-24 allows access to I-24 interchange which intersects with I-59 and US 27; immediate access to Cummings Highway
Lookout Valley Neighborhood Association has one of the best programs in the Southeast
DUMP : $103.00/MONTH
SEWER PUMP: $15.00/MONTH
TAXES : $4,498.00/YEAR
INSURANCE : $828.00/YEAR
GROSS INCOME : +/-$30,000/YEAR
WITH EXPENSES: +/-$23,000/YEAR
POTENTIAL INCOME : +/-$210,000/YEAR
100 SITES AT 100% OCCUPANCY; EACH SITE PAYS $175.00/MONTH