Mobile Home Park Details
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Purchase Method:
New Loan
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Cap Rate:
8.2%
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Listing ID:
1109609
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Posted On:
Jul 20, 2019
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Updated On:
Oct 21, 2019
Description
The property consists of 55 pads occupied by 49 single-wide homes that sits atop 2.38 acres. This community has a very small amount of park-owned homes and the current owner is in the process of converting the water meters to a wireless/digital system to more efficiently bill back the water to the tenants while driving down usage and leaks. This park has a high historical occupancy and is an investment with over an 18%cash-on-cash return. The property currently operates with an on-site manager who lives at the park and a new owner can switch to third party management which would not increase the net operating income.
Location
The subject property is located at 111 Rivermont Drive in Newport News-just three miles west of Newport News Shipyard and downtown Newport News, the fifth largest city in the Commonwealth of Virginia. With many residents employed at the expansive Newport News Shipbuilding, the joint U.S. Air Force-U.S. Army installation at Joint Base Langley Eustis, and other military bases and suppliers, the city's economy is very connected to the military. The location on the harbor and along the James River facilitates a large boating industry which can take advantage of its many miles of waterfront. Newport News also serves as a junction between the rails and the sea with the Newport News Marine Terminals located at the East End of the city. Served by major east-west Interstate Highway64, it is linked to the other cities of Hampton Roads by the circumferential Hampton Roads Beltway, which crosses the harbor on two bridge-tunnels. Part of the NewportNews/Williamsburg International Airport is in the city limits.
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Utility Information
| Water: |
City |
| Water Paid By: |
Tenant - Submetered
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| Sewer: |
City |
