Paducah 2-Park Portfolio
4131 Clarks River Road, Paducah, KY 42003
365 Meacham Lane, Paducah, KY 42003
Get directions
Investment summary
Total Lots225
Tenant Owned109
Rented Park Owned23
Rent-to-Own39
Apartment1
Storage7
Office1
Vacant MH Lots33
Vacant POH5
Vacant RV6
Vacant Storage1
Executive summary
Paducah 2-Park Portfolio, consists of Indian Oaks Reserve (138 lots) and Woodlawn Reserve (87 lots) for a total of 225 lots. Indian Oaks Reserve and Woodlawn Reserve are located about 3.5 miles apart, providing a new buyer immediate operational efficiencies.
With an occupancy rate of 80%, the average lot rent for this two-park portfolio is $346. Both communities are serviced by public water, sewer, and curbside trash, which are all directly billed to tenants. With 33 vacant MH lots, 5 vacant POH, and 6 vacant RV lots across the portfolio, new ownership is provided with an immediate value add opportunity through infill, rent increases, and ability to refinance after completion of the business plan into an agency loan. New park owned homes in this market are currently renting for $1,100-$1,200 a month, which allows the next buyer to capitalize on the remaining vacant lots. Geographically, these asset locations provide convenient access to everything the city of Paducah has to offer, including retail, parks, dining, and various employment opportunities.
Bang Realty. Inc | License No. 204982
Photo gallery
Investment highlights
Convenient Location
Indian Oaks Reserve and Woodlawn Reserve are located approximately 7 minutes from one another, providing operational efficiencies for a new owner. The communities are situated about 10 minutes from Downtown Paducah, which contains a variety of retail, parks, dining, and employment opportunities for residents.
Value Add Opportunity
There is value add opportunity for investors through rehabbing and filling the 6 vacant park owned homes, infilling the 33 vacant lots with new park owned homes, and continuing to raise rents to market. Other communities in the market are getting $1,100-$1,200 a month for new homes.
Rent Increase Opportunity
This is an opportunity for the buyer to get the rents to market by standard annual rent increases and setting new tenants at market rents as occupancy continues to climb. Currently, 80% leased with 28 vacant MH lots, a new owner is presented with an opportunity to increase occupancy to 90%+ in a relatively short period of time.
Public Utilities
Both communities are serviced by public water and sewer, which are both directly billed to the tenants and curbside trash, which is also directly billed to the tenants.
Utility billing structure
- Water: Public (Direct Bill)
- Sewer: Public (Direct Bill)
- Trash: Public (Direct Bill)
- Electric: Public (Direct Bill)
- Gas: Public (Direct Bill)
Exclusively listed by
Parker Kelly
VP, Manufactured Housing, Investment Sales
Tanner Westerheid
VP, Manufactured Housing, Investment Sales
Matt Skinner
VP, Manufactured Housing, Investment Sales
Nick Ferando
VP, Manufactured Housing, Investment Sales