Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 8.9%
- Listing ID: 1311889
- Posted On: Aug 24, 2020
- Updated On: Apr 13, 2021
Description
Lookout Valley Mobile Home Community is located in beautiful Chattanooga, Tennessee and is adjacent to a Super Walmart and very close to the tourist area that made Chattanooga famous! Lookout Mountain and Rock city! The robust commercial area all around as well as the Chattanooga Airport being within a 15 minute commute via the Interstate that is within walking distance, makes this community a phenomenal opportunity!
22 sites (possible 24), all city-water meters and city sewage. Direct - billed, you are not in the utility business. Also, City providing garbage pickup, no garbage expenses. Mostly older homes, most on RTO, a couple of apartments leased. No park-owned homes, just the 2 apartments.
Very easy to manage from afar.
Location
Located in Lookout Valley adjacent to downtown Chattanooga
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 22 |
| Total Occupancy: | 90.0 % |
| Year Built: | 1952 |
| Average MH Lot Rent: | $350 |
| Size: | 1 acre(s) |
Financial Information
| Gross Income: | $100,000 |
| Operating Expense: | $25,000 |
| Net Operating Income: | $75,000 |
| Expense Ratio: | 25.0 % |
| Debt Info: | N/A |
Lot Information
| Singlewide Lots: | 22 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |