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Outstanding investment opportunity. 6 mobile homes, 2 singles and 4 double wides included. Over 2400 in possible monthly income. Owner will consider trade from other property.
Cherokee Apartments - 12 Units; Total monthly rent received (all rented units) - $5400.00. Upside possibilities on rent with apartment complex getting a recent facelift. There is a waiting list for prospective tenants with a demand for more. Property itself without apartments would be in high demand for alternate uses such as drug stores, banks, office and retail space.
$1,600,000Size Upon Req.
Lee & Associates is pleased to present the sale of Sierra Mobile Home Park. The park is located just outside the southwestern city limits of Dothan, AL. Currently, the park has 53 park owned homes and 31 lot rentals, with nearly 90% occupancy. The park is on sub-metered city water and sewer, and Tenants are billed directly by Houston County. Recently, the owners rehabbed several of the park owned homes in an effort to improve units in the park and encourage long term tenancy. In addition, Sierra Mobile Home Park is in the strongest school system in Houston County, which has been a factor in attracting long term, stable Tenants. Sierra Mobile Home Park is an excellent investment for those looking for a medium to large community with high occupancy and strong rents. Bank financing is available for qualified investors. - Close proximity to Dothan, AL - Sub-metered City Water and Sewer - Mix of Park Owned Homes and Lot Rental - Paved Roads Throughout - Best School System in Houston County - Small Storage Sheds Available for Rental
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Price Upon Req.39,696 SF
-Qualified Contract conversion allows new investors to increase affordable rents to significantly higher market rates. -Current average leased rent of $565 is far below $710 average rents of comparable nearby properties of similar vintage. -Maximum AHFA required rents allow increases up to an average $786 while still maintaining compliance. -Summertree offers investors a unique opportunity to acquire a highly sought-after, value-add asset with upside available in the current heated multifamily market. -With 72 units averaging 968 SF, the asset offers a well-balanced mix of two-, and three-bedroom floorplans. Eight of the 72 units are resident popular townhome style floorplans. -Summertree can be acquired for well below replacement cost. Construction of new affordable housing would cost an estimated $120,000 per unit or more to build in the current market. Therefore, the subject is a desirable opportunity for investors to own an affordable housing community at a fraction of its replacement value.