260 Old Oak Lane

Description

Now offering for sale Green Meadows Mobile Home Park located in Bluff City, TN, an area that is highly active, quickly growing, and conveniently located near some of the best sites in eastern Tennessee, including Bristol Motor Speedway, the Appalachian Caverns, and the new Hard Rock Hotel & Casino (opening July 2024). This 3.75-acre park is a stable, cash-flowing community featuring 18 total lots, of which 14 are tenant-owned homes (TOH) and 2 are on rent-to-own (RTO) contracts through 2027. There have been many improvements made to the property recently including the purchase of the 2 RTO homes and infill of 2 vacant lots in 2022. Investment Highlights include; 18 lots: 16 occupied; 14 Tenant-Owned Homes, 2 RTOs. $215 lot rent (under market - area parks average around $250). City water (individually metered and direct billed to the tenants), concrete septic tanks. Property manager onsite. Not in a Flood Zone. Direct billed electric. 9% cap rate based on in-place NOI. Solid collections every month. This community is an excellent turn-key property for a first-time investor or someone looking to add to their existing portfolio. Financials available upon request through the Listing Broker for qualified buyers. Call for your appointment today! Do not disturb tenants or homeowners. All info is deemed reliable but to be verified.