Contact Information

Jon Fisher

License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

Mobile Home Park Details

  • Price: $294,999
  • Purchase Method: Cash, New Loan
  • Property ID: 1456831
  • Posted On: Jun 11, 2021
  • Updated On: Jun 15, 2021

Property Description

City Water!
100% tenant owned homes!
100% occupied!
100% collections!
Low entry into the MHP asset class!

Lone Oak Mobile Home Park is a smaller 13-pad community located on 2.77 acres in rural Bristol, TN. The park is believed to have been developed in the early 1970's. The property is zoned commercial and the seller indicates that the property enjoys its grandfather status as a mobile home park. The park is not located in a flood zone. The park is presently owned by an out of state investor who claims this park has been easy for him to manage remotely. The park has a manager that lives on site that handles issues as they arise and meets with vendors. There are no vacant trailers that need to be removed from the park. The park is 100% occupied with TOH's with a "below market" rate of $205/month. There are not any tenants currently behind in their rent. All of the tenants in the park are on month/month leases. The last rental increase in the park was back on September 1st, 2020 when the rent was raised from $175 to $205.

City Water! Lone Oak MHP is on city water and septic. The underground pipe material in the park is unknown by the present owner. The park has electric & water meters to each pad. The electric is direct billed from the service provider, the water is backbilled to the tenants by the owner. The road through the park is asphalt and the owner considers it to be in "fair" condition. The tenants are responsible for mowing their own yards.

The owner has made some improvements to the property during his ownership tenure:
1. Asphalt speed bumps were installed inside of the park.
2. A number of trees were trimmed and/or removed from the park as this was neglected by the previous owner.
3. A few of the underground pipes connecting the pad to the septic
system have been replaced.

When asked what items they would continue to improve upon if
they were to continue to own the property:
1. Potentially put new gravel in the parking areas for each pad.
2. Lot rent is currently under market rates and can be increased.

MR. LANDMAN, LLC is a licensed real estate firm in the State of Tennessee conducting business under license #265005. Jonathan Fisher is the principal broker for MR. LANDMAN, LLC in the State of Tennessee is license #358759.

Location

Bristol is a city in Sullivan County, Tennessee. Its population was 26,702 at the 2010 census. It is the twin city of Bristol, Virginia, which lies directly across the state line between Tennessee and Virginia. The boundary between the two cities is also the state line, which runs along State Street in their common downtown district. Bristol is a principal city of the Kingsport-Bristol-Bristol, TN-VA metropolitan statistical area, which is a component of the Johnson City-Kingsport-Bristol, TN-VA combined statistical area - commonly known as the "Tri-Cities" region.

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Park Information

Community Type: All Age
Number of MH Lots: 13
Total Occupancy: 100.0 %
Year Built: 1973
Average MH Lot Rent: $205
Size: 3 acre(s)

Lot Information

Singlewide Lots: 13
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 0

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