SMITHVILLE MOBILE HOME PARK

Transcription

1 SMITHVILLE MOBILE HOME PARK Old Brighton Road Covington, TN For more information contact: Cathy Anderson, CCIM PROPERTY HIGHLIGHTS Very attractive 60 pad, 7.16 acre, Mobile Home Park for sale. City water & sewer. Located in quiet, Covington, TN, 40 miles from Memphis, TN Below market lots rents with long-term tenants 37 park-owned homes, 18 tenant-owned homes, 5 vacant lots, Asking price: $1,250,000 Phone: Quail Hollow Road, Ste. 401 Memphis, TN

2 PROPERTY DESCRIPTION Smithville Mobile Home Park Old Brighton Road Covington, TN Smithville Mobile Home Park Covington, TN PRETTY AS A PICTURE! This very clean and attractive mobile home park, located in Covington, TN, part of Tipton County, is now available for sale. This park offers 58 pads, all separately metered for water and electric, all paved streets for sale. This is as clean as they get with current owners using one additional home at the park as office which will bring additional income after sale. Lot rent is below market at only $180/month. 33 lots renters pay lot rent only and the other rents range from $365 up to $525/month. There are currently 5 vacant pads. Owners pay water through one bill and then charge back tenants for their individual use. The electric bills are sent directly to the tenants and they pay their own invoices. All city water and sewer present. The owners currently do repairs to the park-owned homes and keep a maintenance person on staff at an hourly wage. This park is located off of busy Highway 51, only 40 miles from Memphis, TN, and has many households and business in the vicinity. Park-owned homes area almost always full and the owners have gone to great lengths to screen tenants and keep a quiet, well maintained atmosphere. Park is being offered at $1,250,000. Cathy Anderson, CCIM cathy.anderson@crye-leike.com Page 2

3 PROPERTY PHOTOS Smithville Mobile Home Park Old Brighton Road Covington, TN Smithville Mobile Home Park Covington, TN Cathy Anderson, CCIM Page 3

4 Smithville Mobile Home Park Additional Photos Covington, TN Contact: Cathy Anderson, CCIM (901)

5 Smithville Mobile Home Park Additional Photos Covington, TN Contact: Cathy Anderson, CCIM (901)

6 S E C T I O N I F i n a n c i a l

7 Smithville Mobile Home Park Old Brighton Road, Covington, TN Income: Gross Rents: $216, Expenses: City Taxes: County Taxes: City & County $5, Mobile Home Taxes: $ Insurance: $7, POH Maintenance: $48, Mgmt Fees: $36, Total Expenses: $98, NOI: $118, Price: $1,250,000 Cap Rate: 9.4 Gross rents based on 2016 actual reported rents on 2016 taxes All units separately metered for electric (meter owned by utility company) All units separately metered for water (meters owned by park owners)

8 S E C T I O N I I R e n t R o l l

9 Smithville MHP Rent Roll Nov-17 Lot # Monthly Rent Annual Rent POH/TOH/ACA NT LOT Water/Sewer Reimbursement Trash Reimbursement 2 $ $6, POH $48.06 $ $ $5, POH $55.97 $ $ $2, TOH $32.97 $ $ $4, POH $26.44 $ Empty Home Empty Home POH $ $ $2, TOH $54.96 $ VACANT LOT VACANT LOT VACANT LOT $0.00 $ $ $2, TOH $43.23 $ $ $2, TOH $39.31 $ $ $6, POH $79.42 $ Empty Home Empty Home POH 13 $ $2, TOH $31.45 $ $ $2, TOH $0.00 $ Office Empty Home POH 17 $ $2, TOH $32.45 $ $ $6, POH $ $ $ $4, POH $60.98 $ Empty Home Empty Home POH 26 $ $2, TOH $0.00 $ Maintenance man TOH $37.44 $ VACANT LOT VACANT LOT VACANT LOT $0.00 $ $ $6, POH $74.23 $ $ $5, POH $43.23 $ VACANT LOT VACANT LOT VACANT LOT 103 $ $5, POH $59.98 $ $ $2, TOH $54.96 $ $ $4, POH $32.97 $ $ $5, POH $34.49 $ $ $2, TOH $34.49 $ $ $2, TOH $61.99 $ $ $5, POH $44.20 $ $ $6, POH $ $ VACANT LOT VACANT LOT VACANT LOT $0.00 $ $ $2, TOH $25.93 $ $ $4, POH $36.36 $ $ $4, POH $31.45 $ $ $5, POH $50.97 $19.00

10 116 $ $6, POH $95.24 $ $ $5, POH $54.00 $19.00 Lot # Monthly Rent Annual Rent Water/Sewer Reimbursement Trash Reimbursement 118 $ $2, TOH $31.93 $ VACANT LOT VANANT LOT VACANT LOT 120 $ $2, TOH $87.81 $ $90.00 $1, TOH $69.07 $ Empty Home Empty Home POH 123 $ $6, POH $55.97 $ $ $2, TOH $79.42 $ Empty Home Empty Home POH 126 Empty Home Empty Home POH 127 $ $2, TOH $27.93 $ $ $6, POH $44.22 $ Empty Home Empty Home POH 130 $ $4, POH $30.52 $ $ $5, POH $54.00 $ $ $6, POH $33.46 $ $ $5, POH $57.00 $ $ $6, POH $42.23 $ $ $5, POH $49.15 $ $ $5, POH $42.23 $ $ $5, POH $0.00 $ $ $4, POH $48.06 $19.00 Total: $16, $197, $2, $627.00

11 S E C T I O N I I I L e a s e A g r e e m e n t / P a r k

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24 REGIONAL MAP Smithville Mobile Home Park Old Brighton Road Covington, TN Cathy Anderson, CCIM Page 24

25 AERIAL MAP Smithville Mobile Home Park Old Brighton Road Covington, TN Cathy Anderson, CCIM Page 25

26 LOCATION MAP Smithville Mobile Home Park Old Brighton Road Covington, TN Cathy Anderson, CCIM Page 26

27 DEMOGRAPHICS Smithville Mobile Home Park Old Brighton Road Covington, TN Population Characteristic 1 Mile 3 Mile 5 Mile Ages Ages ,091 Ages ,105 Ages ,142 Ages ,057 Ages Ages Ages Ages Ages Ages Ages Ages Ages Ages Ages Ages Race Characteristic 1 Mile 3 Mile 5 Mile Non Hispanic White 816 6,778 8,839 Population Black 785 4,374 4,677 Population Am In/AK Nat N/A 4 4 Household Income 1 Mile 3 Mile 5 Mile Median Household Income $19,015 $30,658 $35,957 < $ $10000-$ $15000-$ $20000-$ $25000-$ $30000-$ $35000-$ $40000-$ $45000-$49999 N/A $50000-$ $60000-$74000 N/A $75000-$ $ $ N/A $ $ $ $ N/A > $ Characteristic Housing 1 Mile 3 Mile Housing Units 720 4,590 Occupied Housing Units 655 4,183 Owner Occupied Housing Units 200 2,231 Renter Occupied Housing Units 455 1,952 Vacant Housing Units Cathy Anderson, CCIM cathy.anderson@crye-leike.com Page 27