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624 Highway 487, Lena, MS 39094

$1,350,000
Property Type: Land Lot Size (sq. ft.): 7,710,120 Status: Active
Current Price: $1,350,000 List Date: 5/08/2024 Last Modified: 6/05/2024

Description

If you're looking for a lucrative and potentially exciting investment opportunity, then stop and take a look at this! Here is your opportunity to take a piece of land that already has significant income, maximize the potential that this property presents, and make a great return on your money. This 177 acre tract is the site of the once famous Lena Dragway, aka Mississippi Motorsports Park, in Lena, MS. The asphalt drag strip is approximately 3/4 mile long and could easily be opened back up as a racetrack or converted into a runway for a personal airplane. Currently on the property there are 5 single wide manufactured homes, a house, a small apartment attached to the house and 5 units in the Grand Stand Building. These are rented out and bring in $8000/month gross per the owner. There is also a 25+ acre lake with a gazebo and a covered pier that would make a terrific recreational lake for an RV park or campground. There are multiple other structures on the property that could easily be converted into workshops, storage or more rentable facilities. The lay of this land really allows for you to use your imagination and turn it into a money making investment. The possibilities on this property are extraordinary and present you the potential opportunity of a lifetime! Don't miss out on this... Call today before it's too late!

More Information MLS# 4068817

Address and Location Information

Street Number Assigned?: Yes Street Number: 624 Street Name: Highway 487 County: Leake State: MS Zip Code: 39094 Parcel Number: 123140014 Subdivision: Metes And Bounds Directions to Property: From Hwy 25 take Hwy 13 to Lena then make a left onto Hwy 487 for 5 miles and the property will be on the left. Community Of: N/A

Listing Information

Status: Active List Date: 2024-01-22 List Price: $1,350,000 Current Price: $1,350,000 Property Sub Type: Acreage (more than 10 acres) Listing Service: Full Service

Co-Op and Commission Information

Buyer Agency Compensation: 2.5 Buyer Agency Comp Type: %

General Property Information

Approx Lot Size Acres: 177 Expandable Area: No List Price/Acre: 7627.12 Divisible: No

Tax and Financial Information

Tax Annual Amount: 8679 Tax Year: 2022 Homestead Y/N: No Additional Exemptions Y/N: No Flood Insurance Required?: Subject to Survey Leasehold Y/N: No Association: No Covenants Y/N: No Legal Description: FOREST MS39074 PT NE4 & PT N2 SE4 & PT SE/SE S/T/R 14 -09 -07E BLOCK

Remarks & Miscellaneous

Public Remarks: If you're looking for a lucrative and potentially exciting investment opportunity, then stop and take a look at this! Here is your opportunity to take a piece of land that already has significant income, maximize the potential that this property presents, and make a great return on your money. This 177 acre tract is the site of the once famous Lena Dragway, aka Mississippi Motorsports Park, in Lena, MS. The asphalt drag strip is approximately 3/4 mile long and could easily be opened back up as a racetrack or converted into a runway for a personal airplane. Currently on the property there are 5 single wide manufactured homes, a house, a small apartment attached to the house and 5 units in the Grand Stand Building. These are rented out and bring in $8000/month gross per the owner. There is also a 25+ acre lake with a gazebo and a covered pier that would make a terrific recreational lake for an RV park or campground. There are multiple other structures on the property that could easily be converted into workshops, storage or more rentable facilities. The lay of this land really allows for you to use your imagination and turn it into a money making investment. The possibilities on this property are extraordinary and present you the potential opportunity of a lifetime! Don't miss out on this... Call today before it's too late!

Land Details

Mobile Homes Allowed: Yes

Workshop Features

Workshop: Yes

Waterfront Features

Waterfront: Yes

Horse Amenities

Horse Amenities: No

Showing Requirements

Showing: Appointment Required

Property Features

Current Use: Hay; Hunting; Investment; Multi-Family; Recreational Possible Use: Development; Hunting; Investment; Manufactured Home; Mobile Home; Multi-Family; Pasture; Poultry; Recreational; Residential; Subdevelopment; Vacant; Other; See Remarks Location: Rural Lot Features: Few Trees; Level Trees - Wooded: Partially Wooded Covenants And Restrictions: Unknown Utilities: Electricity Connected; Sewer Not Available; Water Connected Sewer: Septic Tank Water Source: Community Listing Terms: Cash; Conventional; Other Exterior Features: Dock; Private Entrance Fencing: Partial Road Frontage Type: State Road Road Surface Type: Asphalt Other Structures: Mobile Home; Outbuilding; Residence; Second Garage; Second Residence; Shed(s); Storage; Tenant House; Workshop Community Features: Lake Waterfront Features: Creek; Lake; Pier; Water Access Price Includes: Dwelling; Land; Other Buildings Available Documents: Aerial Map/Photo; Photographs
Listing Office: Pursuit Properties, LLC
Listing Agent: Adam Moore
Last Updated: June - 05 - 2024

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Information is deemed to be reliable but not guaranteed. Copyright 2022 MLS United, LLC.