624 Highway 487, Lena, MS 39094
$1,350,000
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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
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information is deemed to be reliable but not guaranteed. Copyright 2022 MLS United, LLC.