NorthMarq Brokers Sale of Kentucky Manufactured Housing Community
- Apr 06, 2021
NorthMarq Vice President Don Vedeen, together with Senior Associate Brokers Chris Michl and Jared Bosch have brokered the sale of Sunset Mobile Home Park in Somerset, Ky. The 48-site manufactured home community changed hands for $828,000. According to public records, the asset last traded in 2018 for $700,000 to an out-of-state private investor.
Located at 113 Ringgold Road, the property is less than 2 miles from several retail and dining choices along Highway 27, 1 mile from Lake Cumberland Regional Hospital and 3 miles from a Walmart Supercenter. Spread across 7 acres, the community comprises 32 trailers, 8 tenant-owned trailers, 7 rent-to-own trailers and 17 park-owned trailers.
Demand for manufactured housing has experienced a surge in the past year, as the need for affordable housing continues to grow. The most recent NorthMarq report shows that southern states accounted for 41 percent of all new supply. However, Kentucky recorded one of the highest annual growth in terms of shipments of manufactured housing units with a 24 percent increase year-over-year to roughly 3,500 units.