Contact Information

Todd Fletcher

Newmark

CONTACT BROKER

Price: Call for Price
Listing ID: 6737903
Posted On: Sep 27, 2024
Updated On: Sep 27, 2024

Description

St James MHC is a well-located
146-site community serviced by
public utilities boasting a strong
economic occupancy of 73% with
upside potential.
– Ownership has sold 11 homes in the past five months,
selling 8 homes with an average age of 2001 between
$20,000 to $34,000 and 2 new homes with average
age of 2019 for $64,000 each. Remaining inventory is of
high quality with an average age of 2015 to 2016 with an
estimated value of $2.5M+. Ownership has proven that
there is deep demand and high value for homes in this
market, even at a $60,000+ price point, and additional
brand new homes could be ordered to fill vacant lots.
– Value-add opportunity for a new owner to continue to
grow revenue by renting or selling the current inventory,
as well as bringing in homes to fill the remaining lots.
All of the vacant homes are mostly rent ready and
ownership expects those to be filled within the coming
months. Filling the remaining vacant homes and lots
could add over $123,000 in annual site rental revenue for
a new owner (approximately $55,000 by filling the current
vacant homes and another $100,000 for the remaining
lots).
– Further value-add potential to increase lot rents over time
to boost revenue. The current Owners raised lot rents
by $35 for tenant-owned homes and 15% increase for
park-owned homes around June 2024, which resulted in
revenue growth with a minimum impact on occupancy.
– The offering includes 50 park-owned homes, of which 35
are currently occupied as pure rentals paying an average
home payment of $530 per month. Approximately 63%
of the homes are 2016 or newer models manufactured by
Giles and Clayton.
– The community boasts a well-designed and attractive
layout with off-street parking and paved roads.
– Current ownership has spent around $100,000 on
capital improvements, including $50,000 for skirting and
another $50,000 for paving gravel roads in the back of the
community.
– Strong demographics in the immediate area. Within a
10-mile radius of the community, the average household
income is $69,400 with average home values at
$187,756.

Location

– St James MHC is in a fantastic location in Corbin, KY (birthplace of Kentucky Fried Chicken) near major thoroughfares I-75 and US-25, providing easy access to other larger markets such as Lexington, KY (85 miles), Knoxville, TN (85
miles), and Louisville, KY (150 miles).
– The community is across the street from a Walmart Supercenter and Lowe’s, as well as near countless other restaurants, shops, and more.
– Laurel County offers a diverse range of economic opportunities, with industries such as manufacturing, healthcare, retail, and agriculture contributing to the local economy. The county’s strategic location along major transportation routes, including Interstate 75, also enhances its economic potential.
– Sazerac Company recently purchased 198 acres of land in London, KY for $600 million (15-minutes from subject community) and will be using the land for 20 new barrel warehouses for storage of distilled spirits, adding up to 50 new jobs.
– Laurel County is known for its beautiful natural landscapes, including the Daniel Boone National Forest. Visitors and residents can enjoy outdoor activities such as hiking, camping, fishing, and boating in areas like Laurel River Lake and Levi Jackson Wilderness Road State Park. In addition to its natural attractions, Laurel
County boasts recreational facilities such as golf courses, sports complexes, and community parks. The area is also home to Cumberland Falls, a 125-foot-wide waterfall often referred to as the Niagara of the South.
– Laurel County hosts various cultural events and festivals throughout the year, celebrating its heritage and community spirit. These events may include the NIBROC Festival, which features parades, concerts, carnival rides, and food vendors.
– The county is home to educational institutions such as Eastern Kentucky University’s Corbin campus and Somerset Community College’s Laurel Campus, providing opportunities for higher education.

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