Contact Information

Jeffrey Goldberg

Murphy Creek Investments

Mobile Home Park Details

  • Price: $895,000
  • Purchase Method: Cash
  • Cap Rate: 8.9%
  • Property ID: 1311889
  • Posted On: Aug 24, 2020
  • Updated On: Dec 7, 2020

Property Description

Lookout Valley Mobile Home Community is located in beautiful Chattanooga, Tennessee and is adjacent to a Super Walmart and very close to the tourist area that made Chattanooga famous! Lookout Mountain and Rock city! The robust commercial area all around as well as the Chattanooga Airport being within a 15 minute commute via the Interstate that is within walking distance, makes this community a phenomenal opportunity!

22 sites (possible 24), all city-water meters and city sewage. Direct - billed, you are not in the utility business. Also, City providing garbage pickup, no garbage expenses. Mostly older homes, most on RTO, a couple of apartments leased. No park-owned homes, just the 2 apartments.

Very easy to manage from afar.

Location

Located in Lookout Valley adjacent to downtown Chattanooga

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Park Information

Community Type: All Age
Number of MH Lots: 22
Total Occupancy: 90.0 %
Year Built: 1952
Average MH Lot Rent: $350
Size: 1 acre(s)

Financial Information

Gross Income $100,000
Operating Expense $25,000
Net Operating Income $75,000
Expense Ratio 25.0 %
Debt Info N/A

Lot Information

Singlewide Lots: 22

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

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