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Chestnut Ridge Development

Blairs, Virginia

Property overview

Chestnut Ridge is located 5 miles from the city of Danville, which is experiencing several revitalization projects, as well as a new $750 million Harrah’s Casino project to begin construction in 2022 and will bring 300+ jobs to the area; other major employers in include a Goodyear manufacturer, Danville Regional Medical Center and a Nestle facility. The community is also 2.5 miles from major Highway 29 and is a few hours from major cities such as Richmond, Raleigh and Greensboro.

Investment Highlights:

– 100% occupancy on developed sites
– Approval for 3 additional sites
– Subject property includes 70 acres adjacent to MHP with development potential for up to 200 additional sites
– Current site rent is $115 below market rent
– Year 1 Proforma includes 3 additional approved sites and a $10 rent increase
– Additional acreage priced at $5,914/acre; $200 below comps average
– 9 Park-Owned Homes; 8 are occupied, 9th was recently acquired and is currently being refurbished
– City owns and maintains community street lights; county trash
– Seller financing may be considered

Chestnut Ridge Development
1496 Hunters Lane
Blairs, Virginia 24527

For detailed information on this property please contact: Tammy Fonk (262) 498-3837.

Property Summary

Total Sites23
Year Constructed1994
Land (Acres) +80.07
Occupancy100%
Average Rent/Site$185
WATERPrivate Well (2)
SEWERIndividual Septic Systems

OFFERING SUMMARY

Community Price$1,100,000
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