Contact Information

Todd Fletcher

Newmark

CONTACT BROKER

Price: Call for Price
Listing ID: 6743233
Posted On: Oct 7, 2024
Updated On: Oct 7, 2024

Description

Cedar Cove is a vibrant and loyal
summer destination community, with
many residents leasing for over a
decade. The property supports annual
leases with minimal churn.
– Turnkey property with lot rent upside, opportunity to bill
back water/sewer/trash, potential to add a second dock
with 40+ boat slips, and maximize storage revenue.
– Park recently expanded by 43 lots (included in the 175
total). Lot rent increase scheduled in March 2025.
In addition, 32 tenants will transition from the $275
promotional rate to the future lot rent (>$350) March
2025, which will add a minimum of $30,000 in annual
lot rental revenue.
– An additional value-add strategy is to identify and increase
the rent for full-time residents currently paying the parttime
rate. This is supported by the fact that while only 10
tenants are officially full-time residents paying $600 per
month, more tenants are living full-time “under the radar”.
– The campground features an extensive amenity package
including a neighborhood pavilion, basketball court,
playground, boat storage, boat ramp, and bath house. With
access to Cherokee Lake, residents can enjoy countless
water activities such as fishing, skiing, and more.
– Strong demographics in the area: within a five-mile radius
of the community, the average household incomes and
housing values are $80,626 and $240,541, respectively.

Location

– Cedar Cove RV sits in a prime location on Cherokee Lake and less
than an hour drive to Knoxville, TN. Knoxville MSA is one of the
largest metros in the state with over 930,000 people as of 2023.
– Cherokee Lake is a stunning reservoir that spans over 30,000 acres,
providing opportunities for boating, fishing, and swimming. The lake
is surrounded by scenic mountain views, making it a perfect spot for
picnics and outdoor activities.
– Laurel Run Park offers a serene environment with hiking trails,
picnic areas, and beautiful waterfalls. It is a great place for families
to enjoy a day out in nature.
– Amis Mill Eatery, located in Rogersville (14.4 mi away), is not only a
popular dining spot but also a site of historical significance. The mill
dates back to the late 1700s and provides a picturesque setting with views of a waterfall and the Holston River.
– Warriors’ Path State Park is easily accessible from Hawkins County (18.3 mi away). The park is known for its golf course, hiking and biking trails, and the beautiful Patrick Henry Lake. It is a great spot for outdoor enthusiasts.
– Ebbing & Flowing Spring, located near Church Hill (32.5 mi away),
is one of only two known springs in the world that exhibits a regular
ebb and flow of water, creating a unique natural phenomenon that
draws curious visitors.
– Clinch Mountain Range offers breathtaking views and challenging hiking opportunities. The mountain is a significant natural landmark, providing panoramic views of the surrounding countryside and a habitat for diverse wildlife.