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
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 % |
Lot Information
Singlewide Lots: | 54 |
Doublewide Lots: | 5 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
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 |