Contact Information

Mobile Home Park Details

  • Price: $1,000,000
  • Cap Rate: 11.6%
  • Property ID: 1383091
  • Posted On: Jan 22, 2021
  • Updated On: Mar 30, 2021

Property Description

The Colliers Midwest Manufactured Housing Group is pleased to present the opportunity to acquire Eagle Landings in Spring City, Tennessee. The community is settled on 4.8 +/- acres and is comprised of 15 community owned manufactured homes, 32 self-storage units, 11 apartments and 4 RV sites.

Located in Rhea County in Eastern Tennessee, Spring City is home to the Watts Bar Lake which has over 780 miles of shoreline. Since 2010, the population has increased by over 26%. Spring City offers resident’s lake life living and short commutes to major cities. Chattanooga is located 55 miles to the south, Knoxville is 60 miles to the northeast and Nashville is 140 miles to the west. Additionally, Dayton (20 minutes to the south) is home to Nokian Tyres $360m manufacturing facility and La-Z-Boy’s 70,000 sq ft Innovation Center.

Originally built in 1935, the school house style building is made up of 11 apartments, four 1 bedroom/1 bath’s that rent for and average of $435 per unit and seven 2 bedroom/1 bath’s that rent for an average of $493. The 32 self-storage units were constructed in 1993 which are 100% occupied with an average rent of $36. All 15 manufactured homes are owned by the community and always stay rented. The community is serviced by city water, septic for sewer and dumpsters for trash service which the community pays for. A new owner could boost income by charging back for all or some of these services.

Recent capital improvements made by the owner over the past 12 month’s totaled over $54,000 which includes renovating the remaining four outdated apartments, renovating six manufactured homes of which four received new air conditioning systems and several have brand new kitchen appliances. Two septic fields were also rebuilt.

A new owner could increase apartment income by over $5,000 per year by reducing the loss to lease; increase one bedroom rents to $495 and two bedroom rents to $525+. Bill back residents for water, sewer and trash to recover a large portion of this $19,000 expense. Lastly, rent the remaining three RV sites to achieve 100% occupancy.

Location

• Spring City population has increased by 26% since 2010
• Average Median Home Price is $128,000
• Chattanooga is 55 miles to the South, Knoxville is 60 miles to the northeast and Nashville is 140 miles to the west
• Strong, stabilized income stream being offered at a 10%+ Cap Rate
• 95% Total Occupancy | Rent three RV sites to achieve 100%occupancy
• Seasoned on-site manager and maintenance team in place

Amenities

  • Storage
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 15
Total Occupancy: 95.0 %
Year Built: 19351993
Size: 5 acre(s)

Financial Information (Pro Forma)

Net Operating Income $116,833
Debt Info

RV Information

Number of RV Lots: 4

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Other Listings by Russ Williamson See More

Similar Mobile Home Parks for Sale