Mobile Home Park Details

  • Purchase Method: Seller Financing, Assumable Loan
  • Cap Rate: 7.9%
  • Listing ID: 107427
  • Posted On: Oct 28, 2011
  • Updated On: Jan 24, 2012

Description

Established and successful mobile home parks in well-located northeastern Maryland community. Total of 180 +/- spaces. Tenants own their own units and many have lived there for years. Currently 90% occupied with no advertising. Owner may consider seller take-back note up to $1 million with full-price offer, otherwise no seller financing. Existing $3.5 million+/- debt is assumable to qualified buyers. Company vehicles, estimated at $100,000 replacement value, not included in price.

The properties have had high historical occupancy with long-term tenants in place. Approximately 40 +/- acres of excess land are included in the price. Owner has recently invested approx. $500,000 in improving its private sewage treatment plants. There are no park-owned homes, rentals or rent-to-own tenants. Owner is selling due to retirement.

Full details available with signing of a confidentiality agreement.

Location

Tree-lined streets in semi-rural Maryland setting but with easy access to major highways and metro areas such as Baltimore, Philadelphia and Wilmington. Located a short distance from I-95, north of Baltimore, Maryland.

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Financial Information (Actual)

Gross Income: $900
Operating Expense: $300
Expense Ratio: 33.3 %

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