Photo of Mobile Home Park
Photo of Mobile Home Park
Driving into the Mobile Home Park
Driving into the Mobile Home Park
Photo of Leasing Office (1 Bdrm)
Photo of Leasing Office (1 Bdrm)
Photo of Park Owned Home
Photo of Park Owned Home
Photo of Mobile Home Park
Driving into the Mobile Home Park
Photo of Leasing Office (1 Bdrm)
Photo of Park Owned Home

Mobile Home Park Details

  • Purchase Method: New Loan
  • Cap Rate: 9.3%
  • Listing ID: 101805
  • Posted On: Jul 22, 2011
  • Updated On: Jun 1, 2013

Description

Mobile home park has 75 pads with 65 homes on site. 48 Homes included is one leasing office/home are included in the sale (10 are financed as a lease purchase and 18 are owned by occupant). Capital improvement for the mobile home park over past few years includes elec. systems completely renovated & installed underground lines; installed natural gas services (1 bdrms do not have gas) & cable service; new asphalt paving; newer concrete pads for each lot; new landscaping on each lot & common areas; new mailbox canopy; built decks for each occupied lot.

Economic Occupancy (Historical 2010-2011) Average: 93%

Location

Located in Hernando, MS which minutes from Interstate 55 and 12 miles south of Memphis, TN. Hernando is the county seat of one of the top 40 fastest-growing counties in the nation. Community has experienced a 50% rate of growth in past 10 yrs.

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Park Information

Community Type: All Age
Number of MH Lots: 75
Total Occupancy: 93.0 %
Average MH Lot Rent: $215
Size: 8 acre(s)

Financial Information (Actual)

Gross Income: $328,084
Operating Expense: $144,929
Net Operating Income: $183,155
Expense Ratio: 44.2 %

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 47
Average Rent for Park-owned Homes: $570