246 Vanzandt Rd Lily, KY 40740
- Mobile home & RV parks
- 10.59 lot acres
Current Use by Public Records
- Mobile home & RV parks
Property Details for 246 Vanzandt Rd
- Lot size
- 10.59 lot acres
- Property type
- Mobile home & RV parks
Description
This 10.59-acre mobile home park in Lily, KY, presents a compelling investment opportunity. Located conveniently off Highway 25, just 15 miles east of I-75, it benefits from proximity to Lexington and Knoxville, fueling demand for affordable housing. The park comprises 28 pads: 13 occupied park-owned homes, 12 vacant park-owned homes (3 under renovation), 2 tenant-owned homes, and a move-in ready single-family home ideal for an on-site manager (currently occupied rent-free). The park boasts a 50% economic occupancy rate and 100% physical occupancy, generating a monthly gross income of $8,359 with impressively low operating expenses of $900 per month. City water with individual metering and efficient septic systems are in place. Gravel roads provide access throughout the park, which is not located in a flood zone. Lot rent is $350, and park-owned home rent averages $600. Recent home renovations and sales demonstrate significant value-add potential through leasing vacant units and implementing a rent-to-own program. The asking price is $825,000, with seller financing considered for qualified buyers with a substantial down payment and short-term balloon payment. This property offers immediate value enhancement opportunities and a strong return on investment.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lily
- County
- Laurel
- State
- Kentucky
- Longitude
- -84.0611
- Latitude
- 37.0191
