hidden valley village mobile home park · 2020. 2. 12. · hidden valley village mobile home park...

Hidden Valley Village Mobile Home Park 90+ Pad Value-Add Opportunity

FOR SALE 1034 Billie Leighs Ct.

Bedford, VA 24523

Geoffrey G. Lindsay, President

2032 Virginia Ave., McLean, VA 22101

Cell: 571-259-4032. Email: [email protected] 703-536-2100

Note: Aerial doesn’t show full 38.37 acre parcel size

Confidential Memorandum and Disclaimer

Capital Realty Advisors (“agent”) has been engaged as the exclusive agent for

the sale of Hidden Valley Village MHP, 1034 Billie Leighs Ct., Bedford, VA

24523 (the “Property”), by the owner of the Property (“Seller”).

The Property is being offered for sale in an “as-is, where-is” condition and seller

and agent make no representations or warranties as to the accuracy of the in-

formation contained in this offering memorandum and any information hereinaf-

ter provided. The enclosed materials, including financial and rent roll data to be

provided upong signing of a confidentiality agreement, include highly confiden-

tial information and are being furnished solely for the purpose of review by pro-

spective purchasers of the interest described herein. Neither the enclosed ma-

terials nor any information contained herein is to be used for any other purpose

or made available to any other person without the express written consent of

the seller. Each recipient, as a prerequisite to receiving the enclosed, should be

registered with Capital Realty Advisors as a “registered Potential investor” or as

“buyer’s agent” for an identified “registered Potential investor.” The use of this

offering memorandum and the information provided herein is subject to the

terms, provisions and limitations of the confidentiality agreement furnished by

agent to be signed by registered Potential Investor.

The enclosed materials are being provided solely to facilitate the prospective

investor’s own due diligence for which it shall be fully and solely responsible.

The material contained herein is based on information and sources deemed to

be reliable, but no representation or warranty, express or implied, is being made

by agent or seller or any of their respective representatives, affiliates, officers,

employees, shareholders, partners and directors, as to the accuracy or com-

pleteness of the information contained herein. Summaries contained herein of

any legal or other documents are not intended to be comprehensive statements

of the terms of such documents, but rather only outlines of some of the princi-

pal provisions contained therein. Neither the agent nor the seller shall have any

liability whatsoever for the accuracy or completeness of the information con-

tained herein or any other written or oral communication or information trans-

mitted or made available or any action taken or decision made by the recipient

with respect to the Property. Interested parties are to make their own investiga-

tions, projections and conclusions without reliance upon the material contained

herein.

Seller reserves the right, at its sole and absolute discretion, to withdraw the

Property from being marketed for sale at any time and for any reason. Seller

expressly reserves the right, at its sole and absolute discretion, to reject any

and all expressions of interest or offers regarding the Property and/or to termi-

nate discussions with any entity at any time, with or without notice. This offer-

ing is made subject to omissions, correction of errors, change of price or other

terms, prior sale or withdrawal from the market without notice. Agent is not

authorized to make any representations or agreements on behalf of Seller.

Seller shall have no legal commitment or obligation to any interested party re-

viewing the enclosed materials, performing additional investigation and/or mak-

ing an offer to purchase the Property unless and until a binding written agree-

ment for the purchase of the Property has been fully executed, delivered, and

approved by seller and any conditions to seller’s obligations thereunder have

been satisfied or waived.

By taking possession of and reviewing the information contained herein, the

recipient agrees that (a) the enclosed materials and their contents are of a high-

ly confidential nature and will be held and treated in the strictest confidence

and shall be returned to agent or seller promptly upon request; and (b) the re-

cipient shall not contact employees or tenants of the Property directly or indi-

rectly regarding any aspect of the enclosed materials or the Property without the

prior written approval of the seller or agent; and (c) no portion of the enclosed

materials may be copied or otherwise reproduced without the prior written au-

thorization of seller or agent or as otherwise provided in the confidentiality

and/or registration agreement executed and delivered by the recipient(s) to

Capital Realty Advisors.

If you have no interest in the Property at this time, please return this Offering

Memorandum immediately to:

Geoffrey G. Lindsay, Principal Broker, Capital Realty Advisors, LLC,

2032 Virginia Ave., McLean, VA 22101. 703-536-2100.




Hidden Valley Village 1034 Billie Leighs Ct.

Bedford, VA 24523

DISCLOSURE: Seller of the Property is a SC-licensed real estate broker.




Central Virginia Location 25 Miles from Roanoke or Lynchburg


Bedford, VA 24523

Property at a Glance

Investment Data

List Price .................................... $1,200,000

Net Income..................................... Call Agent

Acreage ...................................... 38.37 Acres

Assessed Value ............................. $823,500

Total Pads ............................................ 92 +/-

Price/Pad ........................................ $13,043

Cross Street: ...... .E. Lynchburg Salem Tpke

Market: ................................ .Lynchburg MSA

County/Town: ................................... Bedford

Parcel/Tax ID# ............................. 12901400

Zoning ............. R-3, High-Density Residential

Year Built ............................................... 1973

Occupancy ......................................... 20% +/-

Access ............ Via Easement or Public Road

Water ..................................................... Public

Sewer..................................................... Public

Street Type ............................... Gravel Roads

Pad Size ...................................... Single Wide


Bedford, VA 24523

A Value-Add Opportunity

Key Upsides for New Ownership

Ability to Increase Rent to Market Rate

Additional 20 +/- Acres Land for Expansion*

Public Water and Sewer—Individually Metered/Paid by Tenant

Located in Primary Business Corridor in County

Assemblage Opportunity. Ask Agent.

Owner Offering Financing to Qualified Buyers


Bedford, VA 24523




Hidden Valley Village offers a platform to take an exist-

ing manufactured housing community with 90+ pads to the

next level. It’ll take some TLC and “elbow grease” to get it

stabilized, ownership says, but the opportunity is there by:

1) Placing new or used homes on vacant pads to sell

2) Placing new or used homes on vacant pads to rent

as Park-Owned Homes. Home rentals estimated at

$400, not including ground rent

3) Increasing ground rent

4) Setting up a rent-to-own program

5) Expanding the park*

Nearby MH parks are at high occupancy and this one

could be too. (Owner is absentee and hasn’t attempted to

lease up vacancy.) Current occupancy is approx. 20%, with

gross income of about $3,000 per month at a rent of $180

per pad, whereas market rent is closer to $200-225/

month for ground lease. Proforma value in today’s market

is estimated in the $3 million range if fully leased.

Smith Mountain Lake: Demand Driver One of the drivers

to boosting occu-

pancy, says cur-

rent ownership, is

to attract tenants

(retirees or other-

wise) who want to

take advantage of

the recreational

opportunities at

nearby Smith

Mountain Lake

(30 miles from

Bedford) but can’t

afford to live

there.

Created in 1963 by the impounding of the Roanoke River,

Smith Mountain Lake is the largest lake in Virginia.

Nearby manufactured housing dealers report the rental

market is strong if a new owner were to work with a dealer

to place homes on vacant pads either as straight rentals or

rent to own. ”Tons of opportunity” one noted. Another esti-

mated a 3-4 year period to stabilize park rentals.

Hidden Valley Village is located across from a Walmart

Supercenter and several other national retail tenants,

providing a prospective exit strategy for re-development in

the dominant retail corridor in Bedford County.

Neighboring Retail




Hidden Valley

Village


Bedford, VA 24523

Town of Bedford R-3 Zoning Ordinance

605.01. Permitted uses.

Within the Residential District R-3, the following uses are permitted:

a. All permitted uses specified in Residential Districts R-1, R-1A, and R-2.

b. Boardinghouses, lodges, fraternities and sororities.

c. Bed and breakfast lodging, provided that off-street parking be provided

equal to one space for each lodging room (bedroom). Off-street parking shall

not be provided within the front yard setback and such use shall be in keeping

with the character of the neighborhood.

d. Multifamily, townhouse, and multifamily condominium developments of a

density not exceeding 12 units per acre of a gross site area, provided the re-

quirements of section 906 are met.

605.02. Conditional uses.

When after review of the application and hearing thereon, in accordance with

section 1002.03, the council finds as a fact that a proposed use is consistent

with the intent of this ordinance and the land use plan, and is in the public in-

terest, the following uses may be permitted:

a. All conditional uses specified in Residential Districts R-1, R-1A and R-2.

b. Mobile home parks, provided a site plan is approved in accordance with the

requirements of section 905.

c. Office uses of a professional nature.





Bedford, VA 24523 R-3 Zoning—Town of Bedford

Property Plat




The plat shown here is for 96

pads, although owner states he

had to eliminate 4-5 pads for a

road, so now he estimates there

are about 92 pads.

Only about half of it has been

developed, the other half is vacant

land. Any expansion would require

upgrades to include paving roads,

installing sidewalks, streetlights,

etc. Interested parties should con-

sult with Town of Bedford for more

information.

Located on the property is a 3-

BR, 2-BA brick house with double-

car garage and a walk-out base-

ment. Owner reports the house will

need to be either renovated or torn

down but believes it’s worth reno-

vating.


Bedford, VA 24523

Property Photos




Hidden Valley Village

Broker Profile: Capital Realty Advisors




Geoffrey G. Lindsay is the president and principal broker of Capital Realty Advisors, LLC, specialists in commercial and investment properties. He has had list-ings from under $1 million to $70 million, and is li-censed in DC, MD and VA.

Lindsay previously served as an advisor with a na-

tional commercial real estate firm, where he was its first salesperson hired in Northern Virginia as the company pursued its expansion strategy. Prior to that, he was in on the ground floor of the creation of the commercial division of a residential brokerage, then the largest pri-vately held real estate company in the U.S.

In addition to his real estate background, Lindsay has

over 20 years prior experience as a business owner, in-cluding a national publishing operation, East-West Communications, as well as eBusiness World Expo, which was the largest local trade show in the Washing-ton, DC area on business use of the Internet. He also served as president of Lindsay & Co., a business mer-gers and acquisitions company.

His background as a business owner gives him a spe-cial insight into the business side of investment and commercial real estate.

This experience has en-

abled him to advise corpo-rations and individuals on ways to maximize value as they pursue exit strategies, especially in situations where a business owner is ready to sell both the busi-ness and business real es-tate.

If you're ready to sell or buy investment or commer-

cial real estate, Capital Realty Advisors is ready to help. Whatever the property, our objective is the same: to get you the best possible price in the shortest amount of time.

For your next transaction, contact Capital Realty Ad-visors. A Capital Idea!

hidden valley village mobile home park · 2020. 2. 12. · hidden valley village mobile home park...

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