Desirable Metro Location

River Road Estates is located approximately 11 minutes from the shores of the beautiful Tennessee River in the Florence-Muscle Shoals MSA, which is home to more than 150,000 people. The Shoals features mobile homes as 8% of all housing units in the market, which is about 1.4 times the rate in the US. The median home sales price in The Shoals is $178,400, as of April 2023. Additionally, the median household income in the market is $51,639. These factors create an opportunity to sell off the home inventory to qualified individuals seeking affordable home ownership.

Under Market Rents

River Road Estates’ lot rents are quite under the market lot rents. Average lot rents in The Shoals are approximately $270 per month, with lot rents ranging from $150-$400 per month in the market. New ownership could come in and over time bring the lot rents to market and experience that increase in revenue without much capital investment outlays.

Extensive Renovations to Park-Owned Home Inventory

Current ownership has recently renovated much of the existing POH inventory as it has come available. The capital investment for these renovations averages roughly around $12,000 per home. Most of these remodels included work on the floors, sheetrock, painting, and updating fixtures and appliances in the homes. With these renovations, new ownership should not need to renovate again for some time, which saves on capital investment outlays.

Fully Occupied

River Road Estates is 100% occupied. All lots have homes on them with a rent-paying tenant. This produces a stabilized asset that can begin to cash flow on day one.