Spring City MHP & RV
Johnson City, TN
Asking price
$3,600,000
Sites
—
Cap rate
8.30%
Price / site
—
About this property
The Esterson MHC Team is pleased to present Spring City MHP & RV, a 78-unit manufactured housing and RV community located in Johnson City, TN, offering investors a cash-flowing asset with strong upside through lot rent increases and vacant lot infill. Spring City MHP & RV is situated at 116 Spring City Drive in Johnson City, TN 37601 (Washington County), within the Johnson City, TN MSA. The property sits on 5.9 acres and is NOT in a Flood Zone and NOT in an Opportunity Zone. Parcel numbers are 038A B 003.01 and 038A B 005.00. Johnson City is the 8th largest city in Tennessee with a 2026 population of approximately 74,892, growing at 0.85% annually (up 5.3% since the 2020 census). The Johnson City, TN MSA benefits from a diversified employment base anchored by East Tennessee State University (ETSU), the James H. Quillen VA Medical Center, Ballad Health System, and a growing manufacturing and logistics sector. The Tri-Cities region (Johnson City, Kingsport, Bristol) has emerged as one of the most affordable and fastest-growing metro areas in the Southeast. The community is 78 total units consisting of 42 Tenant Owned Homes (TOH) (average lot rent $419/month), 2 Rent-to-Own (RTO) units at $450/month lot rent plus $375/month average RTO payments, 25 rented long-term RV lots at an average of $579/month (all RV tenants increasing to $625/month effective July 1), 5 vacant RV lots, and 4 vacant mobile home lots. Current occupancy is 88.5%. Water is public, billed back to tenants. Sewer is public, billed back to tenants. Trash is curbside (included in city water/sewer/trash bill), and billed back to tenants. Electric is direct billed to MH tenants and landlord pays electric for RV tenants and common areas. Gas/propane, and cable are tenant-paid via direct bill. The park uses Metron meters for water billing ($7.50/month meter reimbursement per MH tenant). The main road running through the park is paved and publicly maintained. Landlord mows common areas. No snow removal is required. Spring City MHP & RV is being offered at a purchase price of $3,600,000, reflecting an 8.47% global cap rate on in-place operations (P&L 1). The mark-to-market P&L 3 yields a 11.2% cap rate at full occupancy with maximized rents, translating to a pro forma upside value of approximately $5,729,860 at a 7.0% exit cap. The most immediate upside is the July 1st RV rent increase to $625/month across all 25 occupied RV lots, representing an estimated $13,800/year in additional gross revenue. Investors may achieve further upside by infilling 5 vacant RV lots and 4 vacant MH lots, increasing MH lot rents toward the $585/month market rate, and optimizing utility billback recapture rates. Financing is contemplated with a community bank recourse loan of $2,160,000 (60% LTV) at an estimated 6.50% interest rate with 25-year amortization. All offers should include price, inspection timeline, terms, proof of funds, due diligence requirements, and relevant real estate experience.
All details
Figures are transcribed from the source listing as published. “Source page last checked” is when our crawler last fetched that page — it is not a check of the financials and not confirmation from the broker.
| Asking price | $3,600,000 |
|---|---|
| Cap rate | 8.30% |
| Address | 116 Spring City Drive |
| First seen by UnitListed | Sep 6, 2026 |
| Source page last checked | Oct 24, 2026 |
Before you call the broker
8 things are not disclosed on this listing. These are the questions that would close the gap — specific to a park, not a generic list.
Net operating income — not disclosed
What is the trailing twelve-month NOI, and what does it include and exclude?
The single number a lender will size debt against. Ask what is excluded — management fees and reserves are the usual omissions.
What period the financials cover — not disclosed
Are these figures trailing twelve months, last calendar year, or projected?
A projected stabilised NOI and a current operating NOI can differ by a third, and both get called "NOI".
Gross income and operating expenses — not disclosed
Can you share a trailing twelve-month profit and loss, with the expense lines itemised?
NOI alone hides whether income is high or expenses are being under-reported. The split is what you underwrite.
Reason for sale — not disclosed
Why is the owner selling, and how long have they held it?
Never published on a listing, always worth knowing. Retirement and a looming capital bill are very different situations.
Site count and hookup mix — not disclosed
How many sites are there, and how many are full-hookup, partial or tent?
Full-hookup sites earn a multiple of what a tent site does. The count alone does not tell you the income.
Operating season and seasonal mix — not disclosed
Is this year-round or seasonal, and what is the split between seasonal, monthly and transient guests?
A seasonal park with a five-month window is a different business from a year-round one at the same annual revenue.
Utility infrastructure — not disclosed
Are water, sewer and electric municipal or private, and what condition is the infrastructure in?
A private septic or well at end of life is a capital item that can exceed a year of NOI, and it will not appear in the expenses.
Permits and non-conforming use — not disclosed
Is the current site count permitted, and is any of it legal non-conforming?
A park operating more sites than it is permitted for cannot be financed at the income it shows.
Asking price — disclosed
Currency of the asking price — disclosed
Whether the land is included — disclosed
What has changed
Every date below is when we observed a change, not when it happened. We first saw this listing on Sep 6, 2026; that is not the same as when it came to market, and we have no way to know the latter.
- Sep 6, 2026First seen by UnitListed
The asking price has not changed across any of our observations.
