Contact Information

Mobile Home Park Details

  • Price: $575,000
  • Cap Rate: 8.4%
  • Property ID: 1224420
  • Posted On: Mar 6, 2020
  • Updated On: Apr 15, 2020

Property Description

WASHINGTON COUNTY, KY - Springfield Estates MHP resides in the quaint, historic town of Springfield, Kentucky, located along the Bourbon Trail. This well-located park is just an hour's drive from both Lexington and Louisville, KY. The park features 31 mobile home pads, and 22 of them are occupied with tenant-owned homes on direct billed city water and sewer. Springfield Estates currently has lot rents that are $285 per month. The park features paved roads throughout, and the total parcel size is 8.88 acres.

This lot-rent-only community is a solid turn-key investment with low overhead. The 9 currently vacant pads are cleared and ready for homes. The demand for housing is strong and the city is supportive of more affordable housing in the area. Furthermore, an additional 3 acres is available adjacent to the park for expansion. Additionally the property features two storage barns which are in good condition, and a single-family home that will need some improvement. This park does not reside in a flood zone.

As stated, the park utilities are direct billed city water and sewer. For trash, an on-site dumpster is used and paid for by the park. Roads are paved and were re-sealed in the spring of 2018. On-site management is provided by a tenant who oversees the park's rules and regulations. The manager is compensated by free lot rent and approximately $200/month. The park has a very stable paying tenant base, with minimal collection issues.

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Park Information

Community Type: All Age
Number of MH Lots: 31
Total Occupancy: 71.0 %
Size: 9 acre(s)

Utility Information

Water: City
Sewer: City

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