246 Vanzandt RdLily, KY 40740

Property Details for 246 Vanzandt Rd

Lot size

10.59 AC

Property type

Residential income properties

Property subtype

Multifamily properties

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.

Location Insight

City

Lily

County

Laurel

State

Kentucky

Latitude

37.0191

Longitude

-84.0611

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].