Photo of Mobile Home Park

Mobile Home Park Details

Distressed: This property is in default, REO or in foreclosure.
Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
Cap Rate: 12.0%
Listing ID: 101896
Posted On: Oct 25, 2014
Updated On: Nov 28, 2015

Description

DEAL FELL OUT OF ESCROW DUE TO PARTNERSHIP ISSUES-PRICE INCLUDES NOTES/HOMES VALUED AT 2-300K
WILL CONSIDER PARTERSHIP OR JV

68 SPACE MOBILE HOME COMMUNITY-approx 40 SPACES OCCUPIED AT $275 PER MO -This is a fixer upper

APPROX 12 vacant homes included-need rehab-
Price includes all PARK HOMES THAT ARE RENTED or RTO
2 STICK BUILT HOMES -VACANT WILL NEED MAJOR REHAB

>PAVED ROADS
>CITY WATER/SEWER -BILLED BY CITY TO TENANTS
>PARK PAYS TRASH ONLY
>approx 10 vacant spaces to fill
> STABLE INCOME REVENUE
Husband/wife manage park

CALL OR EMAIL FOR QUESTIONS/PKG
KEEP CONFIDENTIAL
DONT SPEAK TO MGR OR TENANTS
OWNER TERMS- 150K DOWN
6.75.% , 20YR AM
------------------------------
PRICE INCLUDES HOME NOTES SOLD RTO
**New gross after rehabs (15 units x $400-$450 mo)
should be in the $17000-$18000 range
expenses should run at a industry avg of 35% or $6500 per month
leaving a NOI before debt service of $11000-12000 per month

*NEW VALUE BASED ON IMPROVEMENTS 1.1M-1.25M

Location

*61K area POPULATION
*UNEMPLOYMENT RATE IS 5.9% VS 7.2 % US
*INCOME PER CAPITA 20K VS 36K US-EXCELLENT FOR MHC'S
*FAMILY INCOME 36K VS 51K US
*VACANCY RATE 9% VS 10.5% US
*RENTERS MAKE UP 35% - HIGHER THAN NATL AVG (29%)
*LOW COST OF LIVING 23% LOWER THAN US AVG
*FUTURE JOB GROWTH FORCAST 39%

*CHARLESTON IS HOME TO EASTERN ILLINOIS UNIVERSITY -10,000 STUDENTS(PARK IS 2 MILES AWAY FROM UNIVERSITY)
*LIST OF MAJOR EMPLOYERS
http://www.charlestonchamber.com/major-employers.htm

open to partnerships or JV

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Get Financing