Catylist ID:
#30773289
South Louisville Mobile Home Community
Multi-Family
for Sale
Sale Pending/Contingent
| Catylist Listing ID: | 30773289 |
| Property Subtypes: | Mobile Home Park |
| Status: | Pending/Contingent |
| Number of Units: | See Agent |
| Building Size (RSF): | 1 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $2,300,000 |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 11/20/2023 |
Overview / Comments
|
Cardinal Mobile Home Park is a seventy-five-lot mobile home community located in South Louisville just three minutes off Dixie Highway, a major thoroughfare anchored by national retailers and five minutes from Iroquois Park, a 739-acre public park. The owner has begun the process of growing physical occupancy with two on-site and occupied rent-to-own homes, one recently delivered new home, and two more scheduled for the 4th quarter. The new homes are included in the sales price and intentionally left vacant to provide the incoming owner the opportunity to capitalize on the spring sales season or implement their own rental program. This opportunity is positioned for the right owner to realize significant upside by driving physical and economic occupancy with the twenty-five vacant lots and have already been approved by 21st Mortgage for a 1.5 million dollar line of credit. The current owner has sought to cultivate a safe and inviting community by repaving roads, removing multiple homes beyond their useful life, extensive tree work, and establishing a quality resident base. The next owner has the opportunity to establish the best under-100 community in the market by building on five years of quality stewardship. >Typical lot rent is currently $350, well below the market rate >All community sewer lines recently jetted >The community has a 2 bed/1 bath site-built home occupied rent free by an on-site manager >Public sewer/water; lines maintained by the community >Great upside potential on many levels |
Attachments & Media
Additional Details
| Nearest MSA: | Louisville/Jefferson County |
| County: | Jefferson |
| Tax ID/APN: | 103302010000 |
| Zoning: | R-6 - Residential Multi-Family District |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 11,047 | 104,317 | 198,608 |
| Median Age: | 38.36 | 38.29 | 37.17 |
| Households: | 4,555 | 42,556 | 79,981 |
Contact
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