28 PAD MHP | 100% TENANT OWNED | FULL UTILITY PASS THROUGH
Mobile Home Park | 28 Pads | $45,536/pad
Marketing description
Cushman & Wakefield | Thalhimer is pleased to exclusively offer for sale Newport Estates Mobile Home Park; a stabilized 28 pad manufactured housing community located at 132 Link Circle in the community of Newport in Giles County, just north of Blacksburg in the New River Valley.
The property consists of 28 total pads and 26 occupied pads, all of which are tenant owned. Electric is independently metered and water and trash are billed directly to the tenants, resulting in a minimal owner paid expense profile.
In-place lot rents averaging $376 sit well below market, with comparable area communities achieving asking lot rents of $415 to $600 per month and averaging $553. With in-place rents approximately 32% below the comp set average, Newport Estates presents a clear mark-to-market opportunity for a new owner to grow income meaningfully while remaining attainable for residents.
Newport Estates presents as a well-maintained community, with residents maintaining their homes and lots in good condition, contributing to a clean, orderly setting and a history of consistent operations.
The community benefits from its position along the US Route 460 corridor, roughly 20 minutes from Blacksburg and Virginia Tech. Regional employers and announced investments continue to drive demand for attainable housing near expanding job centers.
Investment highlights
- 100% Tenant Owned Homes
- Full Utility Pass Through
- 28 total pads and 26 occupied pads, all of which are tenant owned
- Electric is independently metered and water and trash are billed directly to the tenants, resulting in a minimal owner paid expense profile
- In-place lot rents averaging $376 sit well below market, with comparable area communities achieving asking lot rents of $415 to $600 per month and averaging $553
- With in-place rents approximately 32% below the comp set average, Newport Estates presents a clear mark-to-market opportunity for a new owner to grow income meaningfully while remaining attainable for residents
- Newport Estates presents as a well-maintained community, with residents maintaining their homes and lots in good condition, contributing to a clean, orderly setting and a history of consistent operations
- The community benefits from its position along the US Route 460 corridor, roughly 20 minutes from Blacksburg and Virginia Tech
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