162 Shanks Gap Rd, Rogersville, TN 37857
28 Unit Mobile Home Park | $1,500,000 ($53,571/Unit) | 9% Cap Rate | Rogersville, TN 37857
For Sale
Active
Asking Price $1,500,000
- Property Type
-
Multifamily
Listing Contacts
Omar Alassadi
- Property Info
Property Overview
Rolling Hills Mobile Home Park and Self Storage in Rogersville, Tennessee. This deal allows for the rare opportunity to acquire a cash-flowing asset with competitive rents and further potential upside through infilling vacant lots and storage.
The park sits on 6 acres and consists of 28 lots with a storage building made up of 14 units. It has a current mix of 19 park-owned homes & 1 tenant-owned home with the remaining sites broken up as follows - 6 vacant lots ready to go, 1 lot used as an office that can be converted into a park-owned home, and 1 lot where the manager resides.
This well-maintained community includes city water/septic utilities. All utilities are directly billed to the tenants, offering lower operating expenses with very little management needed. There currently is an on-site manager, running all the day-to-day operations within the community. Aside from living in the community for free, she also receives a salary of .25% of the total monthly gross.
The park sits on 6 acres and consists of 28 lots with a storage building made up of 14 units. It has a current mix of 19 park-owned homes & 1 tenant-owned home with the remaining sites broken up as follows - 6 vacant lots ready to go, 1 lot used as an office that can be converted into a park-owned home, and 1 lot where the manager resides.
This well-maintained community includes city water/septic utilities. All utilities are directly billed to the tenants, offering lower operating expenses with very little management needed. There currently is an on-site manager, running all the day-to-day operations within the community. Aside from living in the community for free, she also receives a salary of .25% of the total monthly gross.
Property Details
- Year Built
- 1980
- Stories
- 1
- Property Subtype
- Manufactured Housing/Mobile Home
- Units
- 28
Highlights
- City Water, Septic Sewer
- Paved Private Road
- All Vacant lots ready with utilities, foundation and french drain in place
- On-sight manager
- Tenants Cover Utilities
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