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Sherwood Forest Manufactured Home Community

Mobile Home Community for Sale in Ringgold, Georgia

250 Sherwood Forest Drive
Ringgold, GA 30736

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Mobile Home Park for Sale

Number of MH Lots: 93
Size: 22.4 acre(s)
Purchase Method: Cash, New Loan
Status: Sold
Property ID: 853464
Posted on: Sep 01, 2017
Updated on: Dec 13, 2017

Property Description

Lee & Associates and The MHP Broker are pleased to offer the sale of Sherwood Forest Manufactured Home Community in Ringgold (Catoosa County), Georgia.

Sherwood Forest is offered as a value-add in the Chattanooga MSA. This medium-sized park consists of 93 lots, including 32 lot renters and 42 park-owned homes (POH), including two RTO contracts and no vacant POH. The park is currently 15% vacant.

The park has city water and sewer which are included in the rent, presenting a great opportunity to sub-meter. The POH homes have an average manufactured date of 2001, with 10 brand new homes. The remaining homes are in good shape with the majority of them being late 1990s models.

The owner maintains the roads which are in excellent condition and were recently replaced in July 2017. A small portion of the park is in a flood zone.

Sherwood Forest is being offered at an 8% CAP on current lot rent only using a 40% expense ratio. There is an additional $150,048 of POH rental income that is not included in the CAP rate. We are asking investors for shell value only on the POH of $9,000 each, which is well below replacement cost and has a gross rent multipler (GRM) of 2.5. At full price, using a conventional loan (6%, 15 AM and 25% down), the overall total return for the park is ±22%.

Park Information

Number of MH Lots:93
Total Occupancy:85.0%
Average MH Lot Rent: $275
Size:22.4 acre(s)