Contact Information

William Grant

SWG Holdings LLC

Mobile Home Park Details

  • Price: $249,900
  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Property ID: 1150619
  • Posted On: Oct 31, 2019
  • Updated On: Jan 4, 2020

Property Description

Incredible location in beautiful Kingsport TN. With a population of 60,000 and sitting as the center city of the Kingsport-Bristol-Johnson City MSA boasting population numbers of 500k, the park is well positioned to further increase revenue and is located 6 miles from all shopping and restaurants within an incredible school district. State of the art elementary school built behind the park surrounded by an exclusive neighborhood full of 4000-5000 sq ft homes. The area is exploding with development. 17 space park with 16 occupied lots @ $180. One occupied lot is not recognized by zoning and can't be refilled if the home is ever moved. All tenants have been there for many, many years. No park owned homes. The park operates on septic and county water, but public sewer is in the area. The average water bill is $400 per month and is paid by the park, insurance is $200 annually, taxes are $700 annually, and street lights run $35 monthly. Tenants mow their own lawn, and pay for their own garage service. Septic tanks have been well maintained by the same company for 25 years. All tenants are current on rent. Was part of an estate, but current rent collection can be documented. Property is priced below market value and was just reduced for a quick sale.

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Park Information

Community Type: All Age
Number of MH Lots: 16
Total Occupancy: 100.0 %
Year Built: 1978
Average MH Lot Rent: $180
Size: 4.0 acre(s)

Financial Information (Actual)

Gross Income $34,560
Operating Expense $6,240
Net Operating Income $28,320
Expense Ratio 18.1 %
Debt Info

Lot Information

Singlewide Lots: 16

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

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