Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 16.8%
- Listing ID: 108166
- Posted On: Nov 17, 2011
- Updated On: Jun 16, 2014
Description
MAJOR PRICE DROP!!
NOW listed FOR Sale BY OWNER with a huge price DROP!! NOT A Distress property, but has a CAP RATE of 17% !!
In 2011, listed at $235,000 with a broker, this property was taken off the market in 2012.
14 total lots, 4 owner rentals, 10 lot rent at $150 that are long term tenants. Only regular expense is $1500 annual taxes and trim around the five homes, so very LOW maintenance cost, no management onsite. Each lot has individual meters that tenant pays their own Utilities, so owner has NO utilities to pay.
Gross has been $30,000 Yr and Net $27,600+ Yr for past few years. This property is priced well below market value for a quick sale, owner has personal financial needs for Spring 2014.
CAP RATE YES 17% and NOT a distressed property !!!
Location
Only 1.5 miles from downtown Milledgeville Ga, located on a main street.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 14 |
| Total Occupancy: | 100.0 % |
| Average MH Lot Rent: | $150 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $30,200 |
| Operating Expense: | $2,130 |
| Net Operating Income: | $28,070 |
| Expense Ratio: | 7.1 % |
Lot Information
| Singlewide Lots: | 13 |
| Doublewide Lots: | 1 |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 4 |
| Average Rent for Park-owned Homes: | $300 |