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Pine Grove Mobile Home Park

Mobile Home Park for Sale in Munford, Tennessee

73 Jane Drive
Munford, TN 38058

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This Mobile Home Park is Off Market

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Mobile Home Park for Sale

Number of MH Lots: 64
Size: 14 acre(s)
Cap Rate: 10.0%
Purchase Method: Cash
Status: Off Market
Property ID: 823336
Posted on: Jun 16, 2017
Updated on: Feb 02, 2018

Property Description

NEW LISTING!

64 pad park with apartment and min-storage on site!

Nice park located outside of Memphis, TN, in Tipton County, for sale. Park has been family-owned since the 1990's and fully managed by owners. This is a nice, quiet, well-run park with upside potential. There are 13 lot renters at $235/month and the remaining homes are park-owned. Rents range from $350-$675 and all pads are separately metered for water and electric. Each tenant pays their own utilities.

City water and private lagoon with very little monitoring/testing required.

7 unit apartment building on-site with 1 and 2 bedroom units.

10 unit mini-storage facility on site.

Annual gross rental income $348,840 with $282,158 NOI.

Offered at $2,850,000 10 cap

Full Marketing Package attached.

Park Information

Number of MH Lots:64
Total Occupancy:95.0%
Year Built:1970
Average MH Lot Rent: $375
Size:14.0 acre(s)

Financial Information (Actual)

Gross Income$348
Operating Expense$66
Net Operating Income$282
Expense Ratio 19.0%
Debt Info

Lot Information

Doublewide Lots:64

RV Information

Number of RV Lots:1
Average RV Lot Rent: $350

Utility Information

Water:City
Water Paid By: Tenant - Individual Service
Sewer:Treatment Plant

Park-Owned Homes

Number of Park-owned Homes:51
Average Rent for Park-owned Homes: $375

Amenities and Other

Storage: Yes