SMITHVILLE MOBILE HOME PARK - PDF Free Download

SMITHVILLE MOBILE HOME PARK Old Brighton Road Covington, TN 38019 For more information contact: Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com 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: 901-758-5670 6525 Quail Hollow Road, Ste. 401 Memphis, TN 38120 www.crye-leike.com

PROPERTY DESCRIPTION Smithville Mobile Home Park Old Brighton Road Covington, TN 38019 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 901-282-6312 cathy.anderson@crye-leike.com Page 2

PROPERTY PHOTOS Smithville Mobile Home Park Old Brighton Road Covington, TN 38019 Smithville Mobile Home Park Covington, TN Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 3

Smithville Mobile Home Park Additional Photos Covington, TN 38019 Contact: Cathy Anderson, CCIM (901) 282-6312 Cathy.anderson@crye-leike.com

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

Smithville Mobile Home Park Old Brighton Road, Covington, TN Income: Gross Rents: $216,247.00 Expenses: City Taxes: County Taxes: City & County $5,800.00 Mobile Home Taxes: $881.00 Insurance: $7,403.00 POH Maintenance: $48,160.00 Mgmt Fees: $36,000.00 Total Expenses: $98,244.00 NOI: $118,003.00 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)

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

Smithville MHP Rent Roll Nov-17 Lot # Monthly Rent Annual Rent POH/TOH/ACA NT LOT Water/Sewer Reimbursement Trash Reimbursement 2 $510.00 $6,120.00 POH $48.06 $19.00 3 $475.00 $5,700.00 POH $55.97 $19.00 4 $180.00 $2,160.00 TOH $32.97 $19.00 5 $410.00 $4,920.00 POH $26.44 $0.00 6 Empty Home Empty Home POH $0.00 7 $180.00 $2,160.00 TOH $54.96 $19.00 8 VACANT LOT VACANT LOT VACANT LOT $0.00 $0.00 9 $180.00 $2,160.00 TOH $43.23 $19.00 10 $180.00 $2,160.00 TOH $39.31 $19.00 11 $550.00 $6,600.00 POH $79.42 $19.00 12 Empty Home Empty Home POH 13 $180.00 $2,160.00 TOH $31.45 $0.00 14 $180.00 $2,160.00 TOH $0.00 $0.00 15 Office Empty Home POH 17 $180.00 $2,160.00 TOH $32.45 $0.00 20 $500.00 $6,000.00 POH $121.32 $19.00 22 $400.00 $4,800.00 POH $60.98 $0.00 24 Empty Home Empty Home POH 26 $180.00 $2,160.00 TOH $0.00 $0.00 28 Maintenance man TOH $37.44 $0.00 30 VACANT LOT VACANT LOT VACANT LOT $0.00 $0.00 100 $500.00 $6,000.00 POH $74.23 $19.00 101 $450.00 $5,400.00 POH $43.23 $0.00 102 VACANT LOT VACANT LOT VACANT LOT 103 $450.00 $5,400.00 POH $59.98 $19.00 104 $180.00 $2,160.00 TOH $54.96 $19.00 105 $365.00 $4,380.00 POH $32.97 $19.00 106 $450.00 $5,400.00 POH $34.49 $19.00 107 $180.00 $2,160.00 TOH $34.49 $19.00 108 $180.00 $2,160.00 TOH $61.99 $0.00 109 $420.00 $5,040.00 POH $44.20 $19.00 110 $550.00 $6,600.00 POH $134.29 $19.00 111 VACANT LOT VACANT LOT VACANT LOT $0.00 $0.00 112 $180.00 $2,160.00 TOH $25.93 $0.00 113 $395.00 $4,740.00 POH $36.36 $19.00 114 $415.00 $4,980.00 POH $31.45 $0.00 115 $425.00 $5,100.00 POH $50.97 $19.00

116 $550.00 $6,600.00 POH $95.24 $19.00 117 $450.00 $5,400.00 POH $54.00 $19.00 Lot # Monthly Rent Annual Rent Water/Sewer Reimbursement Trash Reimbursement 118 $180.00 $2,160.00 TOH $31.93 $0.00 119 VACANT LOT VANANT LOT VACANT LOT 120 $180.00 $2,160.00 TOH $87.81 $19.00 121 $90.00 $1,080.00 TOH $69.07 $19.00 122 Empty Home Empty Home POH 123 $550.00 $6,600.00 POH $55.97 $19.00 124 $180.00 $2,160.00 TOH $79.42 $19.00 125 Empty Home Empty Home POH 126 Empty Home Empty Home POH 127 $180.00 $2,160.00 TOH $27.93 $0.00 128 $500.00 $6,000.00 POH $44.22 $0.00 129 Empty Home Empty Home POH 130 $385.00 $4,620.00 POH $30.52 $19.00 131 $475.00 $5,700.00 POH $54.00 $19.00 132 $550.00 $6,600.00 POH $33.46 $19.00 133 $475.00 $5,700.00 POH $57.00 $19.00 134 $525.00 $6,300.00 POH $42.23 $19.00 135 $475.00 $5,700.00 POH $49.15 $19.00 136 $475.00 $5,700.00 POH $42.23 $19.00 137 $420.00 $5,040.00 POH $0.00 $19.00 138 $410.00 $4,920.00 POH $48.06 $19.00 Total: $16,475.00 $197,700.00 $2,285.78 $627.00

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

REGIONAL MAP Smithville Mobile Home Park Old Brighton Road Covington, TN 38019 Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 24

AERIAL MAP Smithville Mobile Home Park Old Brighton Road Covington, TN 38019 Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 25

LOCATION MAP Smithville Mobile Home Park Old Brighton Road Covington, TN 38019 Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 26

DEMOGRAPHICS Smithville Mobile Home Park Old Brighton Road Covington, TN 38019 Population Characteristic 1 Mile 3 Mile 5 Mile Ages 0-4 71 660 808 Ages 5-9 96 863 1,091 Ages 10-14 106 866 1,105 Ages 15-19 146 899 1,142 Ages 20-24 137 836 1,057 Ages 25-29 109 759 932 Ages 30-34 81 701 845 Ages 35-39 69 645 785 Ages 40-44 70 616 766 Ages 45-49 93 672 845 Ages 50-54 111 704 867 Ages 55-59 118 709 839 Ages 60-64 121 665 764 Ages 65-69 116 571 638 Ages 70-74 81 434 478 Ages 75-79 48 295 318 Ages 80-84 22 158 171 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 98 633 714 $10000-$14999 97 521 537 $15000-$19999 150 359 381 $20000-$24999 77 311 384 $25000-$29999 49 270 289 $30000-$34999 21 270 275 $35000-$39999 60 301 369 $40000-$44999 7 165 256 $45000-$49999 N/A 125 158 $50000-$60000 18 273 350 $60000-$74000 N/A 311 393 $75000-$99999 29 396 535 $100000-$124999 N/A 145 180 $125000-$149999 15 76 94 $150000-$199999 N/A 62 86 > $200000 15 68 68 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 65 407 Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 27