Mobile Home Park Details
- Purchase Method: Cash, Seller Financing
- Cap Rate: 10.0%
- Listing ID: 470396
- Posted On: Sep 11, 2014
- Updated On: Dec 16, 2014
Description
This is a unique opportunity for investors with tremendous upside and the potential for creativity.
Rossville Estates a great investment income property located in the City of Rossville GA next to Chattanooga TN. Just across the border from TN
This 55 spaces park on 8.5 acres 4 individual parcels located in a working class neighborhood close by Rossville downtown and at a short distance from Hwy 75, 24 and 59.
Main Post office and Walmart are 1 mile away from the Park
Costco recently opened his store 5 minutes from the park
The park is completely surrounded by homes
Pads are water sub-metered (submetered from main water meter)
No competition from adjacent parks. Area is in strong need of affordable homes
Mobile homes can be easily moved to the park by getting a permit from Walker County Planning by paying a fee of $225
City Sewer System stops at the north east corner of the park
Once park is connected there is no limit on the number of the mobile homes that can be moved in the park
At this time the park has 15 mobile homes
9 tenants owned and 6 park owned mobile homes
The rest of the pads are ready to be leased
Each pads has water line, electrical pole and septic tank
Park has no vacancy
Park Information
Community Type: | All Age |
Number of MH Lots: | 49 |
Total Occupancy: | 100.0 % |
Average MH Lot Rent: | $450 |
Size: | 9 acre(s) |
Financial Information
Gross Income: | $5,000 |
Operating Expense: | $1,300 |
Net Operating Income: | $3,700 |
Expense Ratio: | 26.0 % |
Lot Information
Singlewide Lots: | 40 |
Doublewide Lots: | 15 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 6 |
Average Rent for Park-owned Homes: | $450 |