Current Use by Public Records
- Mobile home & RV parks
Property Details for 1 Ez Ln
- Year built
- 1998
- Lot size
- 14.19 lot acres
- Property type
- Mobile home & RV parks
Description
This 14.19-acre mobile home park in Manchester, Tennessee, presents a compelling value-add investment opportunity. The property features 16 mobile home units situated on 16 pads, built in 1998. The asking price is $1,040,000, representing a price per pad of $65,000. The current Net Operating Income (NOI) is $73,058, yielding a 7.02% cap rate, with a pro-forma NOI of $96,847 and a pro-forma cap rate of 9.31%. Significant capital improvements totaling $33,189 have been made in the past 48 months, including complete remodeling of some units and extensive gravel work in 2023 to improve drainage. The property benefits from a convenient location, approximately one mile from Interstate 24, providing easy access to Chattanooga and Nashville. Amenities include individually metered water, and each unit is equipped with a range and refrigerator. Tenants are responsible for trash removal, and each mobile home has its own septic tank. The majority of homes are late 1980s-1990s models, and the large lot sizes offer potential for future development. This property offers a strong potential for increased profitability through further value-add strategies. All cash purchase is required.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Manchester
- County
- Coffee
- State
- Tennessee
- Longitude
- -86.0423
- Latitude
- 35.4474
