South Louisville Mobile Home Community

Multi-Family for Sale
Catylist Listing ID: 30773289
Property Subtypes: Mobile Home Park
Number of Units: See Agent
Building Size (RSF): 1 SF
Gross Building Area: See Agent
Sale Price: $3,250,000
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/15/2021

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

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 103302010000
Zoning: R-6 - Residential Multi-Family District

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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
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