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Mobile Home Park Details

  • Price: $2,700,000
  • Cap Rate: 11.2%
  • Property ID: 1336269
  • Posted On: Oct 7, 2020
  • Updated On: Oct 7, 2020

Property Description

Three Oaks Trailer Park is a well-located mobile home park (MHP), as it sits about 30 miles northeast of Sevierville and Pigeon Forge, and just 50 miles east of Knoxville. This park is also very close to Douglas Lake and driving distance from the Great Smokey Mountains National Park and Pigsah National Forest. Along with many outdoor attractions, the strong job markets of Sevierville and Pigeon Forge make this an attractive market. Tourism is abundant in Pigeon Forge, creating a high demand for jobs, especially during peak travel seasons. Furthermore, the close proximity of Knoxville, home of the University of Tennessee, also creates a strong job market for current and future tenants.
Three Oaks park has DIRECT BILLED WATER AND SEWER! The water authority is responsible for maintaining the main water and sewer lines, as well as the meters. The park owner is only responsible for the lateral water and sewer lines going to the homes, which greatly decreases expenses and makes this property easy to manage. The current rent is well below market rent at $175 per lot, and can be increased by new owner. The property also has extra land included that could be developed to roughly 14 additional lots. The additional land also has the ability to have direct-billed water and sewer, allowing for low long term expenses in terms of redevelopment.
Offering price is at a 11.24% CAP rate on lot rent and park-owned home (POH) rent. All expenses in, we are valuing the park using approximately a 38% expense ratio. Seller maintains titles to the homes which could be sold to tenants by lease purchase. We are asking investors to submit offers at, or above, $2,700,000 for the entire park, including the POH's and other real property.

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Park Information

Number of MH Lots: 81
Total Occupancy: 94.0 %
Average MH Lot Rent: $175
Size: 12 acre(s)

Financial Information

Gross Income $153,000
Operating Expense $58,100
Net Operating Income $94,900
Expense Ratio 38.0 %
Debt Info

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 62
Average Rent for Park-owned Homes: $475


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