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Rivers Edge Manufactured Home Community

Manufactured Home Community for Sale in Hampton, Tennessee

100 Bertie Lane
Hampton, TN 37658

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Sale Price: $775,000

Contact Information

The Mhp Broker

Mobile Home Park for Sale

Number of MH Lots: 45
Size: 15.5 acre(s)
Purchase Method: Cash, New Loan
Status: Active
Property ID: 930534
Posted on: May 22, 2018
Updated on: Aug 09, 2018
Price: $775,000

Property Description

Lee & Associates and The MHP Broker are pleased to offer the sale of Rivers Edge Manufactured Home Community, located in Hampton (Carter County), TN. This is a stabilized park with plenty of upside in a strong market. The park has 45 lots with 38 lot rent only tenants each paying $150-$175. There are seven vacant lots and no park owned homes. Current occupancy is approximately 85%.

The park has shared septic and city water that is sub-metered and is direct billed to the tenant. The privately maintained roads are gravel and in good condition. The park is not located in a flood zone.

Park Highlights:
• Sell Price on Park = $550,000
• Sell Price on Additional 6.65 Acres = $225,000
• Small Value-Add Park with Motivated Seller
• Kingsport-Johnson City TN CMSA
• 8.34% CAP on Lot Rent with 34% Expense Ratio (Park Only)
• Direct Billed City Water
• Large Lots
• All Lot Rent Community
• Price Per Lot = $12,222 (Park Only)

Park Information

Number of MH Lots:45
Total Occupancy:85.0%
Average MH Lot Rent: $175
Size:15.5 acre(s)