Contact Information

Mobile Home Park Details

  • Price: Call for Price
  • Property ID: 1698147
  • Posted On: Jun 24, 2022
  • Updated On: Jun 24, 2022

Property Description

https://estersonmhcteam.com/property/sunfish-village

Contact Parker Kelly for more information

Sunfish Village, a high-quality 59 unit, lake front MH Marina Community located in Ten Mile, TN. Sunfish Village sits on the beautiful 39,000 acres of Watts Bar Lake and is just 1 hour from Knoxville, Chattanooga, and Cleveland TN. These three growing MSAs have a population totaling 1.5 million people.

This community and location has endless activities for families and vacationers to do while they enjoy their trip, as well as makes a great primary or secondary residence for tenants. The amenities and activities include a boat ramp, dock for boat storage, the lake for kayaking, paddle boarding and swimming, pavilion, and much more. There are two beautiful brand-new park models available for short term rent, and a log cabin that is also available for rent.

Sunfish Village is a lifestyle community with the majority consisting of full-time tenants, however there are 3 units available for short-term rent. The community consists of 22 tenant owned homes that pay an average of $355 per month. 11 occupied park owned homes that rent for an average of $619 per month and 3 vacant park owned homes. 3 short term rentals consisting of 2 new park model units and a log cabin that are rented out via Airbnb that produce about $83,000 a year in gross revenue. 2 RV tenants that pay $350 per month. 14 dock slips that are rented out for 8 months out of the year at an average of $128, which is well below market. 2 vacant lots that a retailer is currently selling homes on and the park owner will collect lot rent from, and 2 boat storage units that has room to fit more. Finally, there is a 2.7 acre parcel adjacent to the community that could be expanded for either 16 RV pads, or 11 mobile home pads.

The community is serviced by public water and septic. In 2021 the utility company converted 11 lots to direct bill water and has expressed a desire to convert the remaining 15 sites to direct bill as well. which are paid for by the park. 10 of those 15 sites that are not direct bill or water are currently being billed back monthly by the park. Despite being a fully stabilized, cash flowing asset, there’s still plenty of upside left on the table for an incoming investor. Based on a survey we conducted of local parks, MH rent, RV rates, dock slip rates, and boat storage fees at Sunfish Village are well below market. Not only is there room to push rents, but there’s also an opportunity to expand the community by an additional 11-16 sites.

We are asking that all investors submit their best offers, as no pricing guidance will be given.

Amenities

  • Club House
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Park Information

Community Type: All Age
Number of MH Lots: 59
Total Occupancy: 91.5 %
Average MH Lot Rent: $350
Size: 13 acre(s)

Financial Information (Actual)

Net Operating Income $157,916
Debt Info

Utility Information

Water: City
Sewer: Septic

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