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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 142 park owned homes and 3 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 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 91% occupancy at the community and a waiting list for rentals.

An investor can quickly add NOI value by sub-metering the water and sewer which would add approximately $89,000 to the NOI along with renovating the 10 vacant homes.

Ashwood Village
4 Locust Street
Hopkinsville, Kentucky 42240

For detailed information on this property please contact: Enon Winkler (407) 616-0250.

Property Summary

Developed Sites145
Year Constructed1974
Land (Acres) +23
Occupied Sites133
Vacant Sites12
Occupancy91.72%
Average Rent/Site$325
PRIMARY USEMHP
SECONDARY USEFamily
STAR CLASSIFICATION3.5
WATERMunicipal
SEWERMunicipal
WATER METER TYPEN/A
SEWER METER TYPEN/A

OFFERING SUMMARY

Community Price$4,999,940
Community Owned Homes & Notes$2,740,060
Total Investment$7,740,000
Price per Site$34,482
Price Occupied per Site$37,594

HOME INVENTORY SUMMARY

LEASED HOMES130
MODELS/INVENTORY12