Photo of Mobile Home Park

Mobile Home Park Details

Listing ID: 586508
Posted On: Dec 4, 2015
Updated On: Sep 23, 2016

Description

REO SALE
-Rare opportunity to acquire a 501-site community in an MSA of over 700,000.
-Very few park-owned homes.
-Strong collections and high occupancy should qualify the park for an attractive, non-recourse loan through the conduit market.
-Community is on city water and private sewer.
-Potential to hook onto the city sewer system.
-Comparable single-family and multi-family properties in the market rent for an estimated 22% more than newer units at Georgetown Estates, positioning the property well for a new owner to come in and increase occupancy.

Location

-Georgetown Estates is conveniently located with visibility from Route 25 between Georgetown and Lexington, KY - the ninth and second largest cities in the state.
-Lexington boasts a diverse job base and a 3.7% unemployment rate as of August 2015, not seasonally adjusted.
-Renowned as Horse Capital of the World, Lexington attracts equestrian enthusiasts from across the nation with its myriad of horse-related attractions and events.
-The Keeneland race and auction facility contributed $590MM to Lexington and Fayette County in 2014.
-Georgetown is home to Toyota Motor Manufacturing Kentucky, the largest Toyota manufacturing plant outside of Japan. It employs 7,500, making it the largest employer in the county.

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