Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park

Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 10.0%
  • Listing ID: 429244
  • Posted On: Mar 20, 2014
  • Updated On: Jun 25, 2014

Description

This is a unique opportunity for investors with experience in rehab projects, with tremendous upside in replacing the older homes and the potential for creativity.

Rossville Estates a great investment income property located in the city of Rossville next to Chattanooga. Just across the border from TN

This 59 spaces park on 9.00 acres is located in a working class neighborhood convenient to the local down town and highway 75, 24 and 59.
Each mobile home has an individual water meter
No competition from adjacent parks. Area is in strong need of affordable homes
Has 9 tenants owned and 11 park owned mobile homes
Park comes with an amazing owner home (3 bed 1 bath and office) located in the park

Park includes a 1500 sqft 3 bed 1 bath owner home

Minimum down payment 200K
Financing 5/20 yrs

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 60
Total Occupancy: 100.0 %
Year Built: 1980
Average MH Lot Rent: $275
Size: 9 acre(s)

Financial Information (Pro Forma)

Gross Income: $70,000
Operating Expense: $4,000
Net Operating Income: $55,000
Expense Ratio: 5.7 %

RV Information

Number of RV Lots: 1
Average RV Lot Rent: $250

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 11
Average Rent for Park-owned Homes: $450