0 Flamingo DrLondon, KY 40744

Property Details for 0 Flamingo Dr

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 11-pad mobile home park in London, KY, presents a compelling investment opportunity. Located on approximately 1.61 acres in Laurel County, this property boasts an impressive 10% cap rate and is conveniently situated near I-75, Walmart, and Lowe's. Currently 82% occupied, the park includes six park-owned homes, three tenant-owned homes, and two vacant park-owned homes, mostly 90s models. Two recently sold homes fetched $17,900 and $17,500. Recent improvements include upgraded homes, new water lines, and freshly paved roads. The park generates approximately $5,300 in monthly revenue, with low operational expenses around $650 per month. The seller is rehabbing vacant units and will offer a three-month lot rent credit on unrented homes before closing, potentially boosting monthly income to $6,000. Water and electric are billed directly to tenants, and septic systems are in good condition. Due diligence is simplified with a Phase 1 assessment, zoning verification letter, and survey already completed. The property is not located in a flood zone. The asking price is $495,000, and seller financing options are available. This value-add opportunity offers significant potential for short-term appreciation with minimal capital expenditure.

Location Insight

City

London

County

Laurel

State

Kentucky

Latitude

37.0786

Longitude

-84.0977

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