10-Pad Mobile Home Community | Kimball, TN | $635,000
1841 Main Street | 10-Pad Mobile Home Community | Kimball, TN | $635,000
Marketing description
1841 Main Street is a fully occupied ten-pad manufactured housing community on US Highway 41 in Kimball, Marion County, Tennessee, three miles from Interstate 24 and about 35 minutes from Chattanooga. Current ownership has repositioned the asset since November 2023, with roughly $175,000 in documented capital improvements completed and another $25,000 to $30,000 of 2026 projects in progress.
All ten pads are leased and current. Scheduled rent is $7,850 per month, a gross potential of $94,200 per year. The stabilized year-one pro forma produces $62,304 of net operating income under third-party management, a 9.8% cap rate at the $635,000 asking price. A buyer who self-manages recognizes about $69,773 of NOI, an 11.0% cap rate.
The community holds seven park-owned homes and three tenant-owned homes. Five of the seven park-owned homes carry twelve-month leases (Lots 6, 7, 11, 12, and 16), which supports bank and institutional underwriting. The remaining leases are month-to-month, leaving rent-reset room for a new owner. Lot 10 was reset to $1,000 and Lot 12 to $775 effective June 1, 2026.
Capital work includes three forty-year metal roofs with a fourth in progress, full PEX plumbing retrofits on multiple homes, metal underpinning across all seven park-owned homes, professional mold remediation on four homes confirmed clear, and interior rehabilitation across the park-owned portfolio. Tenants pay electric, natural gas, and refuse on direct-billed accounts. Water is a municipal master meter with on-site septic.
The seller will consider owner-carried financing at a $650,000 seller-financed price, a premium to the $635,000 cash price, across three tiers on a 20-year amortization with a five-year balloon.Year-one DSCR at the stabilized third-party-managed NOI ranges from 1.77x to 3.62x.
The full due diligence package, including the ALTA title commitment, leases, vendor invoices, P&L, and tax records, is on file, supporting a 10-day due diligence period and a closing within 25 days for a prepared buyer.
Request any additional information through the listing agents.
Investment highlights
- $635,000 asking price, $63,500 per pad, 100% occupied across all ten pads
- Stabilized NOI of $62,304, a 9.8% cap rate, rising to about $69,773 and 11.0% for an owner-operator
- Scheduled rent of $7,850 per month, $94,200 annual gross potential
- Seven park-owned and three tenant-owned homes, with five park-owned homes on twelve-month leases (Lots 6, 7, 11, 12, and 16)
- Roughly $175,000 in capital improvements since 2023, plus $25,000 to $30,000 in progress: forty-year metal roofs, PEX plumbing retrofits, metal underpinning on all park-owned homes, and mold remediation on four homes
- Tenants pay electric, natural gas, and refuse direct; municipal master-meter water with on-site septic
- Seller financing available at a $650,000 owner-carried price, three tiers, 20-year amortization with a five-year balloon, first lender confirms no due-on-sale trigger
- US Highway 41 frontage, three miles to Interstate 24, about 35 minutes to Chattanooga
- Full due diligence package on file for a fast close
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