Matt Gallimore
Broker | Owner | Auctioneer
Ask Matt Gallimore
Searching for your next real estate investment opportunity? Check out this mobile home park for sale in Bassett, VA. This property features +/- 8.58 acres and is serviced by public water and a 2 private septic systems. Property is minutes away from Philpott Dam making it great for boating, fishing, and hiking.
There are currently 9 tenants, all operating under month-to-month verbal rental agreements. This arrangement provides flexibility for a new owner, who may determine which tenants remain and which may be asked to vacate. Rental rates may also be adjusted at the buyer's discretion.
Currently, 9 renters occupy a total of 10 out of the 26 available lots. One tenant rents 2 lots to allow for additional space. All tenants are current on their rent. Each tenant pays $250 per month per lot, except for the tenant leasing 2 lots, who pays a total of $400 per month. Total monthly income is $2,400 per month. Owner recently spent over $40,000 to have the park cleaned up and abandoned mobile homes removed.
Each owner has their own power meter and electric bill and are independently responsible for that utility. There is just one water meter for the park in which the seller pays that bill and it is built into the monthly rent. The cost is $35/month per trailer that is hooked up.
All mobile homes located on the property are owned by the tenants, not the park owner. Therefore, mobile home titles will not be transferred to purchaser. Additionally, purchaser acknowledges that there may be limitations or regulations that prohibit the relocation / removal of mobile homes from property. Bidder acknowledges that information on manufactured homes is limited to physical exterior inspection and that the seller does not possess titles to the mobile homes. Inspection of mobile homes is only relevant to ascertain overall appeal of mobile home park.
Click Here for Bidder Packet
Click Here for Interactive Map
Click Here for VA Statute 55.1-1308.2
Click Here for Google Street View
Contact Broker Matt Gallimore at 540-239-2585 or email Gallimore.Matt@gmail.com. You can also contact Realtor Darin Greear with Long & Foster Real Estate at 540-320-5859 or email Darin@RinerVA.com
Directions:
From Bassett, take VA-57 for approximately 3.5 miles. Property is on the left, see sign.
