51 Acres zoned for multi-family includes Trailer park on 15 Acres

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 28714145
Property Subtypes: Mobile Home Park
Status: Pending
Number of Units: 40 Units
Building Size (RSF): 10,000 SF
Gross Land Area: 51 Acres
Sale Price: $499,000
Unit Price: $12,475 Per Unit
Property Use Type: Vacant/Owner-User
Building Name: Lookout Valley Trailer Park
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/18/2017

Overview / Comments

51 beautiful acres zoned multi-family, tourist court, and motel, featuring a fully operational 15 acre mobile home park located in the unincorporated part of Lookout Valley only 6 miles outside downtown Chattanooga and 2 miles to TN River boat docks. No city taxes - only county. The property is fully accessible by two dedicated and maintained Hamilton County roads with complete city water and electricity, including fiber optics. Over 2/3 of property is undeveloped with 2 more immediate access points to Cummings Hwy, up to a beautiful mid-level plateau and property rights up to a portion of the top of the mountain. Great potential for mid- and high-level mountain and river views to the east. Resort potential? Yes! Hotel potential? Yes!

For the mobile home business, the current rent is now $190.00 per month. There are currently 16 renters. Some sights are fitted for RV hookups. Renter contracts with utility companies.
For the over 2/3's of the rest of the property, there is a dirt road cut through from near the maintained roads for access to the mid-level plateau and also far access by another road.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 143 012
Zoning: R-3; MOBILE HOME
Percent Occupied: 35%
Market Type: Medium
Property Located Between: Cummings Highway and Jersey Pike
Road Type: Highway Interchange
Transportation: Bus, Highway, Airport, Taxi
Highway Access: 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
Airports: Chattanooga Metropolitan Airport - 18.5 miles
Site Description: 51 beautiful acres zoned multi-family, tourist court, and motel, featuring a fully operational 15 acre mobile home park located in the unincorporated part of Lookout Valley only 6 miles outside downtown Chattanooga and 2 miles to TN River boat docks. No city taxes - only county. The property is fully accessible by two dedicated and maintained Hamilton County roads with complete city water and electricity, including fiber optics. Over 2/3 of property is undeveloped with 2 more immediate access points to Cummiongs Hwy, up to a beautiful mid-level plateau and property rights up to a portion of the top of the mountain. Great potential for mid- and high-level mountain and river views to the east. Resort potential? Yes! Hotel potential? Yes!
Area Description: Lookout Valley is located 6 mins. outside of downtown Chattanooga and is nestled among Raccoon Mtn., Elder Mtn. and Lookout Mtn. 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
Total Number of Buildings: 1
Property Condition: Fair
Parking Type: Surface
Laundry: Laundromat Nearby
Zoning Description: R-3 and balance R-3, R-2, & R-1

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 594 4,956 21,300
Median Age: 42.61 44.52 41.87
Households: 246 2,163 9,625

Contact

Photograph of Listing Agent

Joe M Pleva

KW Commercial GCAR CMLS Member
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