Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Listing ID: 2031612
- Posted On: Feb 9, 2023
- Updated On: May 8, 2023
Description
Now offering for sale Green Meadows Mobile Home Park located in Bluff City, TN. This is a stable, cash-flowing community featuring 18 total lots, of which 14 are tenant-owned homes (TOH) and 2 are on rent-to-own (RTO) contracts through 2027.
There have been many improvements made to the property recently including the purchase of the 2 RTO homes and infill of 2 vacant lots in 2022.
Investment Highlights;
18 lots: 16 occupied; 14 Tenant-Owned Homes, 2 RTOs.
$215 lot rent (under market - area parks average around $250).
City water (individually metered and direct billed to the tenants), Concrete septic tanks.
Property manager onsite.
Not in a Flood Zone.
Direct billed electric.
Solid collections every month.
This community is an excellent turn-key property for a first-time investor or someone looking to add to their existing portfolio.
Financials available upon request through the Listing Broker for qualified buyers.
Contact Michael Walker Realty & Auction at 423.256.3733.
Do not disturb tenants or homeowners.
All info is deemed reliable but to be verified.
Location
Located amongst rolling hills within an area that is highly active, quickly growing, and conveniently located near some of the best sites in eastern Tennessee, including Bristol Motor Speedway and the Appalachian Caverns.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 18 |
| Total Occupancy: | 88.0 % |
| Year Built: | 1975 |
| Average MH Lot Rent: | $215 |
| Size: | 2 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $45,502 |
| Operating Expense: | $12,200 |
| Net Operating Income: | $40,321 |
| Expense Ratio: | 26.8 % |
Lot Information
| Singlewide Lots: | 18 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 2 |
| Average Rent for Park-owned Homes: | $498 |
