Income Property Auction!
Residential / Commercial

SOLD at AUCTION! Sat. Oct. 28, 2017

The Sellers are Retiring and Relocating To Another State.
As A Result, They Are Liquidating This Affordable and Profitable NE TN Investment Property!
INVESTORS, DO NOT MISS THIS OPPORTUNITY!!

INVESTMENT PROPERTY
LIQUIDATION AUCTION!!

Saturday October 28, 2017 at 10:30 a.m.
Auction To Be Conducted On The Premises

105 Phipps Rd. 
Surgoinsville TN 37873
Beautiful Lot, Great Location…Corner of Phipps Rd.(St.) and Main St.
(1/4 mi. north on Main St. from the Phipps Bend Rd. and Main St. 4-Way Intersection)
Dead End St.!

Note: Street Sign says “Phipps RD”, some other resources/documents say “Phipps ST”. They are one in the same.

1.5+/-  Acres
Lots of Frontage on Phipps Rd.!

Owner Residence or Rental Home
Very Nice, Well-kept, with updates, and Improvements
1990 14×56 MH improved w/ 8×56 addition, roof, covered porch, and deck between 1993 and 2002
Current Rent is $475/mo. Renter pays electric and water.
(Tenant mows/maintains property, incl. Storage site)
Only two renters in the past 9 yrs.
Preview and Inspection of the residence will be on Auction Day from 9:30 to 10:30, prior to the start of the auction. Don’t be late! 

Phipps Bend Self Storage
22 Storage Units
(18) 10′ x 10′ and (4) 5′ x 10′
Units rent for $45 and $30 month
($5 discount if multiple units rented by same person)

Historically 90% -100% Rented, at any given time (records available)

Update Wednesday, Oct. 26th
Currently, 20 units are rented and producing monthly income. (Vacant is a 5 x10 that became vacant last week and a 10 x10 became vacant this week. Note: The owner uses one of the other units (10 x10), but will pay rent upon transfer of ownership.

Question: Can more storage units be built on the existing tract?
Answer: Although neither the Seller nor the Auctioneer guarantee that more units can be built, Hawkins county has no zoning codes.

Current Owner’s Expenses are only $111/month for the whole property!!Security Light $17
Property Taxes $49 (for both parcels)
Insurance $25
Phone $20
(# on sign is forwarded to owner’s cell phone. They do not use their personal # for the Storage business, so sale will include the Phipps Bend Storage phone # if Buyer wants to assume the current forwarding service, or cancel the current service and forward the phone with # another service.

Annual Property taxes are $584
($391 Residence, $193 Storage Units)

More details to be posted soon, check back often!

Property Address

105 Phipps Rd.
Surgoinsville, TN 37873

Click Here for a Map

Auction Location

105 Phipps Rd.
Surgoinsville TN 37873

Click Here for a Map

Contact David Cole

Questions about this property? Use the information below to contact David Cole directly or click here to open a quick contact form.

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Terms and Notes

TERMS
A 10% Buyers Premium will be added to the wining bid for the real estate being sold to determine the final sales price. Purchaser will pay 10% of the final sale price as deposit at the conclusion of the auction. The balance will be due in full within 15 to 30 days, or as soon as is practicable.

DUE DILIGENCE
This property is being sold “as is, where is, as inspected, day of auction”. Neither the Seller nor the Auctioneer guarantees the accuracy or credibility of pre-auction information. Prospective purchasers are required to perform due diligence prior to bidding at the auction. This means the prospective purchaser must personally seek out the information required for the prospective purchaser to determine the property suitable for purchase. If dimensions are important, measure. If zoning and use is important, contact the appropriate city or county department to inquire as to permitted uses. If any inspection is needed, please consult a professional in the related field. Come to the auction PREPARED to bid.

NOTES
NOTE: Statements, terms, and availability day of auction take precedence over pre-auction advertising, statements, or information.

NOTE: The sale of this property is NOT conditional upon the buyer receiving a loan. Therefore, you must come prepared to bid and buy on the day of the auction!