Ashwood Village

Hopkinsville, Kentucky

Property overview

Christian County and its county seat, Hopkinsville, are located in southwestern Kentucky, a part of the Pennyroyal region. Hopkinsville-Christian County, Kentucky is centrally located 15 miles north of Kentucky/Tennessee border. The city is easily accessible by highway from Interstate 24 and the Pennyrile Parkway and is encompassed by a well-planned state highway network. Year-round recreation opportunities abound in Hopkinsville-Christian County, from meandering walking trails to scenic biking and hiking to golf and scuba diving, the mild climate allows visitors and residents to enjoy the outdoors in all four beautiful seasons. Walk the footsteps of the Cherokee Indians on the Trail of Tears, golf the championship Links at Novadell, scavenger dive to find underwater treasures, soak up a host of natural wonders at Pennyrile Forest State Resort Park, splash in the Tie Breaker Family Aquatic Center, or explore the historic downtown.

MHRE is pleased to present Ashwood Village Mobile Home Park and Self-Storage located in Hopkinsville, KY. The community was originally built in 1974 and consists of 44 self-storage units and 145 mobile home sites, which includes 143 park owned homes and 2 site rentals. In 2008, the community went through a large renovation which includes, but is not limited to, the owner bringing in 103 new single-wide homes built in 2008 or later, completely renovating approximately 29 homes within the community, improving the grounds, and an electrical upgrade, etc. Currently, approximately 10 of the inventory homes are ready to be renovated which would create immediate upside for a new owner.

Hopkinsville is a strong rental market with very little comparable mobile home park or apartment competition. Ashwood Village is a more desired rental option considering the competition for rentals are older apartments that are in average to below average condition. This is evident by the 89% occupancy at the community and a waiting list for rentals.

In the beginning of 2017, the current owner put in place a water and sewer reimbursement fee of $60 which will be incorporated into all leases as they renew over the year. This adjustment adds approximately $100,000 of additional revenue which will go straight to the bottom-line.

Ashwood Village
4 Locust Street
Hopkinsville, Kentucky 42240

For detailed information on this property please contact: .

Property Summary

Total Sites145
Year Constructed1974
Land (Acres) +23
Occupied Sites130
Vacant Sites15
Occupancy89.7%
Average Rent/Site$325
PRIMARY USEMHP
PROPERTY TYPEFamily
STAR CLASSIFICATION3.5
WATERMunicipal
SEWERMunicipal
WATER METER TYPEN/A
SEWER METER TYPEN/A

OFFERING SUMMARY

Community Price$7,100,000
Total Investment$7,100,000
Price per Site48,966
Price Occupied per Site54,615
Cap Rate (Without Reserves)8.28%

HOME SUMMARY

LEASED HOMES128
MODELS/INVENTORY12