1501 Slate Hill Rd - Manufactured Housing/Mobile Housing FOR SALE


Mooresburg, TN 37811
$7,600,000 USD
770-933-8585
1501 Slate Hill Rd, Mooresburg, TN for Sale
$7,600,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/7
null | Request Cap Rate

1501 Slate Hill Rd
Mooresburg, TN 37811


HIGHLIGHTS

  • MHC-style - Annual leases, tenant-owned units, zero park-owned inventory, no transient turnover, & most of units with permanent structures attached
  • Irreplaceable waterfront - direct Cherokee Lake frontage, one of TN's largest reservoirs, with private marina, dock, ramp, beach, and boat storage
  • Stable property w/ strong cash-flow and significant value add including: higher rates, operating sites year-round, convert uncovered sites to covered
  • Additional value add: add mini storage, add new dock, renovate storage space in resort office to additional amenities or apartment, add a transfer fee
  • Location leverage - 1 hour to Knoxville; the Tri-Cities, Great Smoky Mountains NP, Pigeon Forge, Gatlinburg, and Dollywood all within roughly an hour

OVERVIEW

Colliers Manufactured Housing & RV Group, serving as the exclusive agent for the Owner, presents the offering to acquire the Cedar Cove Resort, a 173-total site long-term seasonal RV resort located on Cherokee Lake in Mooresburg, Tennessee. Positioned on the US-11W corridor roughly one hour northeast of Knoxville. Almost all sites are leased on annual agreements to tenants who own their RVs and park models, and have made many site upgrades including skirting. There are no park-owned units, no nightly rentals, and none of the turnover or operating intensity of a transient campground. The result is a durable, twelve-month income stream, similar to a mobile home park. The seller has been steadily advancing rents, demonstrating both the depth of demand for lakefront living in East Tennessee and the pricing power of the resort. With stabilized occupancy, in-place professional management, and contractual annual leases, Cedar Cove offers new ownership day-one cash flow with clearly identified paths to grow: including adding storage, covering the remaining uncovered sites, adding new docks, opening up more year round sites, growing rents, etc.

FOR SALE DETAILS

PRICE

$7,600,000 USD

PRICE/SF

$3 USD /SF

# OF UNITS

173

PRICE/UNIT

$43,931

CAP RATE

Request Cap Rate

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Cedar Cove MHRV Resort

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

ADD'L SUBTYPES

Apartments, Dormitory

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1992

PARKING SPACES

-

LAND DETAILS

LAND ACRES

15 AC

LAND SF

653,400 SF

ZONING

-

APN/PARCEL ID

037149 01500 001,037149 01500 063

ASK ABOUT THIS PROPERTY

Mike NissleyColliers Manufactured Housing & RV GroupMore Info
770-933-8585

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Mike NissleyColliers Manufactured Housing & RV GroupMore Info
770-933-8585

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.