Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.3%
  • Listing ID: 1520271
  • Posted On: Sep 23, 2021
  • Updated On: Oct 19, 2022

Description

Three Bar Mobile Home Park is an all age Community located in an OPPORTUNITY ZONE in Duncan, Arizona. The Park was originally built in (1971/1990) and sits on approximately 5.4 acres. The Park is comprised of 15 Mobile Home Sites and two Residential Homes. Electric is provided through overhead feed and pedestal units. The Sites offer 30/50 AMP electrical service and is Direct Billed to Tenants. Gas is Direct Billed. The Park is on Well Water and Septic. There are two Wells that service the Park and both Residential Homes (New Pump/New Tanks in 2020). The Septic System for the Park consists of two tanks and one leach field. Each Residential Home has an individual Septic tank and share a leach field. Trash is included with rent and paid by Owner. There are no Park Owned Homes and there are currently no Homes under Contract for Sale. The two Residential Homes include a 3 Bedroom/2 Bathroom (approximately 2,080 sq ft) with a two vehicle carport and a 2 Bedroom/1 Bathroom (approximately 840 sq ft) with a carport. Recent capital improvements include the purchase and installation of one new Well Pump/two Tanks (2020), the current rehab of the 3/2 Home (flooring, doors, hardware, toilets, 2021), and a Septic renovation and new roof on the 2/1 Home (2019). The most recent rent raise was implemented in February 2019. The next rent raise is scheduled for August 2021. The Park has a fully insulated and finished storage building with carport (new roof 2020). The Community has onsite maintenance and is managed by current ownership. Three Bar borders BLM land and is located approximately 20 minutes from North America’s largest Copper Mine (Morenci Mine, a Freeport-McMoRan company) that employs approximately 2,000 people. Safford, Arizona (population 10,000) is located approximately 30 minutes away. A great entry level opportunity!

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Park Information

Community Type: All Age
Number of MH Lots: 17
Total Occupancy: 100.0 %
Year Built: 1987
Size: 5 acre(s)

Financial Information

Gross Income: $61,200
Operating Expense: $15,200
Net Operating Income: $46,000
Expense Ratio: 24.8 %

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic