Mobile Home Park and Land for Sale in Bassett, VA

Mobile Home Park and Land
for Sale in Bassett, VA

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 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.

Property is subject to VA
Statute 55.1-1308.2. Seller must notify all tenants in writing of the intent to
sell at least 60 days prior to selling. Tenants will have those 60 days to
purchase property at an agreeable price to seller. More information on the code
can be found HERE. 

Click Here for Interactive Map
Click Here for VA Statute 55.1-1308.2
Click Here for Google Street View

DIRECTIONS: From Bassett, take VA-57 for approximately 3.5 miles. Property is on the left, see sign.

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