Foothills MHC, 22 lot Mobile Home Community

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30802005
Property Subtypes: Mobile Home Park
Status: Pending/Contingent
Number of Units: 22 Units
Building Size (RSF): 12,240 SF
Gross Building Area: See Agent
Gross Land Area: 26.63 Acres
Sale Price: $550,000
Unit Price: $25,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/17/2022

Overview / Comments

Foothills Mobile Home Community has 22 lots, 17 of which are occupied. Of the 17 occupied, there are 14 tenant owned homes and 3 are park owned. The 3 park owned homes have been renovated extensively. The property is on city water and sewer with all utilities direct billed to tenants, individual metering. The community's paved road is maintained by the city and the property is in a peaceful setting in the heart of Rutledge just off Rutledge Pike/Hwy 11W.

This is an excellent opportunity to own a very clean community with minimal expenses and steady cash flow. Upside lies in filling the 5 remaining lots and rent increases. Current lot rent is $225/month.

Acreage, home square footage needs verification. Number of buildings and square footage is required for Listing Services but not relevant to the deal.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $2,514 (Annual)
Gross Operating Income $65,160 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Morristown
County: Grainger
Tax ID/APN: 029049 04800
Zoning: R-2
Percent Occupied: 77%
Area Description: Upon entering Rutledge on Rutledge Pike/Hwy 11W, turn north onto Mill Ave and then immediately turn right onto Foothills Ln and proceed to enter the community.
Total Number of Buildings: 17
Property Condition: Excellent
Year Built: 1998

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 2,371 6,782
Median Age: 44.75 42.92
Households: 927 2,693
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