4199 Dayton Ave, Graysville, TN 37338

Commercial property for lease

• Description
• This package investment includes 3 separate mobile home parks in Tennessee available for sale for $995,000. The offering consists of 47 total sites spread across the 3 communities of Dayton, Evensville and Graysville. All 3 parks are located in Rhea County and within 20 minutes from each other. Rhea County is situated in the foothills of the Appalachian Mtns. and has a strategic location between the metropolitan areas of Chattanooga, Knoxville and Nashville. The area is well connected with access to major interstates + roadways such as I-75, I-24 and I-40 through 4-lane US Highway 27. Altogether, the parks have great investment potential with current rental revenue generating adequate income that more than covers the current operating expenses. Crossroads Mobile Home Park is the largest of the three parks, totaling over 4 acres, and is located in Graysville. The park consists of 22 lots in which 15 are occupied by park owned homes, 3 are occupied by tenant owned homes, and 4 are empty lots. There are currently 3 vacant homes that will require repair before a new tenant is able to move in but could easily be leased once work is complete. The park generates $74,916 per year in gross rents at current occupancy but has great potential for increased income by making repairs/updates to the park owned homes and leasing them, getting city approval to set up new homes on the 4 vacant lots and replacing 2 of the older homes that are now being used as storage with new homes and leasing them. Expenses, which include electric, water, park lights, internet + TV, and city + county taxes, average $2,607.Wagon Wheel Mobile Home Park is located in Dayton and has a total of 15 lots that are occupied by 8 tenant owned and 7 park owned homes. There is currently only 1 vacancy at the park, which is an older home that is now being used as storage but could be replaced and leased for additional income. The park brings in $52,620 per year in gross rents. There is only 1 water meter for the park, with the average water bill being around $650/month. Expenses, which include park water + street lights as well as county taxes, average at $1,920. Dayton has a thriving market with strong employment and population growth. As a result, Nokian Tyres recently broke ground on their $360 million tire manufacturing plant in Dayton that will begin production in 2020. The plant will create 400 new job positions and will forever change the economic landscape of the region. Fishers Prayer Mobile Home Park has a great location in Evensville off the Rhea County Highway and just 5 minutes outside of Dayton, TN. It is within 3 miles from both the county's middle and high schools and also nearby many other city amenities such as the sheriff's office and the health department. The park features 10 lots that are occupied by 4 tenant owned homes and 6 park owned homes, with only 1 vacant home that is older and now being used for storage space. At the current occupancy and rental rates, the park generates $36,900/year gross income. Expenses include county taxes and runs around $760.Further information on rent rolls and operating expenses for each park is available upon request. Seller has owned and personally managed the properties since the 1990's. Out of state owner has not capitalized on maximizing rental income and/or limiting expenses. which has major upside potential. Building price details: $995,000.
• Contact info
• Joe M Pleva

  KW Commercial
• Note

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