Bassett Multifamily for Sale
Seller Financing Available at List Price: The seller is offering $3,095,000 in first-position financing at 5.25% fixed interest, structured with 24 months interest-only payments to support the lease-up period, followed by 30-year amortized payments through a 5-year balloon. Buyer equity required at closing is $1,000,000 plus closing costs. This financing structure materially improves day-one cash-on-cash returns and aligns seller and buyer through the stabilization period.
Smith River RV Park is a 122 (RV) + 5 (Tent) site riverfront outdoor hospitality investment offering full-hookup RV sites plus 5 tent sites on ±74.41 acres along the Smith River in Henry County, Virginia — with approximately 3,200 feet of prime river frontage. This is a scarce, irreplaceable natural asset in a high-demand outdoor recreation corridor.
The park is currently 44% occupied with 52 long-term tenants and 2 transient bookings in place, plus 11 additional long-term move-ins on deck — providing a stabilized monthly cash flow base while leaving 66 sites of remaining runway. The path to stabilization is operational: improved transient marketing, rate optimization, and digital booking optimization — with no redevelopment required.
The property includes a 5,000 SF general store with liquor license, a 1,200 SF updated bathhouse with coin and app-pay laundry, on-site management and maintenance staff, and a CampSpot booking system already in place. Major infrastructure upgrades were completed in 2020, with county water and sewer to all sites and underground electric service throughout.
Adding further upside, the ±74.41-acre parcel includes excess land currently used for warehouse and storage — with potential to add 60+ additional RV sites without acquiring new land or installing new infrastructure. This expansion runway represents a compelling second stage of value creation beyond simple lease-up.
The Smith River is a premier regional recreation draw known for trophy trout fishing, kayaking, and tubing, attracting visitors from Virginia, North Carolina, and beyond. Located just 8 miles from Martinsville on Route 220, with nearby Philpott Lake and Dam anchoring additional outdoor recreation demand year-round.
