Multifamily Property for Sale in Johnson City, TN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Johnson City, TN 37601

Description

Marcus & Millichap is pleased to present Spring City MHP & RV, a 78-unit manufactured housing and RV community located in Johnson City, TN, offering investors a cash-flowing asset with strong upside through lot rent increases and vacant lot infill. Spring City MHP & RV is situated at 116 Spring City Drive in Johnson City, TN 37601 (Washington County), within the Johnson City, TN MSA. The property sits on 5.9 acres and is NOT in a Flood Zone and NOT in an Opportunity Zone. Parcel numbers are 038A B 003.01 and 038A B 005.00. Johnson City is the 8th largest city in Tennessee with a 2026 population of approximately 74,892, growing at 0.85% annually (up 5.3% since the 2020 census). The Johnson City, TN MSA benefits from a diversified employment base anchored by East Tennessee State University (ETSU), the James H. Quillen VA Medical Center, Ballad Health System, and a growing manufacturing and logistics sector. The Tri-Cities region (Johnson City, Kingsport, Bristol) has emerged as one of the most affordable and fastest-growing metro areas in the Southeast. The community is 78 total units consisting of 42 Tenant Owned Homes (TOH) (average lot rent $419/month), 2 Rent-to-Own (RTO) units at $450/month lot rent plus $375/month average RTO payments, 25 rented long-term RV lots at an average of $579/month (all RV tenants increasing to $625/month effective July 1), 5 vacant RV lots, and 4 vacant mobile home lots. Current occupancy is 88.5%. Water is public, billed back to tenants. Sewer is public, billed back to tenants. Trash is curbside (included in city water/sewer/trash bill), and billed back to tenants. Electric is direct billed to MH tenants and landlord pays electric for RV tenants and common areas. Gas/propane, and cable are tenant-paid via direct bill. The park uses Metron meters for water billing ($7.50/month meter reimbursement per MH tenant). The main road running through the park is paved and publicly maintained. Landlord mows common areas. No snow removal is requi

Market Context

This multifamily in Johnson City, TN is listed for sale. It is offered at an approximate 8.3% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 53 days. Compare it against other multifamily listings for sale in Johnson City, TN — <a href="/search/sale/multifamily/tennessee/johnson-city">view the full market</a>.

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