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!!
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.
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)
(# 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!