Mobile Home Park Details
- Purchase Method: Cash, Seller Financing
- Cap Rate: 13.0%
- Listing ID: 16872
- Posted On: Sep 29, 2010
- Updated On: May 18, 2016
Description
PARTNER DISPUTE- REDUCED FROM 375K
25% down owners will carry
100+ SITE COMMUNITY
40 SPACES OCCUPIED AT $185 PER MO
10-20 PARK HOMES VACANT WILL NEED REHAB-OR REMOVED
PAVED ROADS
CITY WATER/SEWER
***THIS IS A FIXER UPPER***
WITH STABLE INCOME REVENUE
MGR ON SITE
CALL OR EMAIL FOR QUESTIONS/PKG
clintongrim@aol.com
404.488.3282
OWNER
DONT SPEAK TO MGR OR TENANTS
OWNER TERMS
8.5% , 20YR AM , BALLOON IN 7-10 YRS
WITH 20-25% DOWN- GOOD CREDIT 680 FICO
Location
26K CITY POPULATION
36K COUNTY
UNEMPLOYMENT RATE IS 4.9% VS 10% US
INCOME PER CAPITA 18K VS 36K US-EXCELLENT FOR MHC'S
VACANCY RATE 8% VS 10.5% US
RENTERS MAKE UP 35% - HIGHER THAN NATL AVG
LOW COST OF LIVING 23% LOWER THAN US AVG
PARK APPRAISED FOR 1.0M IN 2000 BUT SUFFERED
VACANCIES DUE TO LOCAL TYSON PLANT CLOSING
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 100 |
| Total Occupancy: | 40.0 % |
| Year Built: | 1960 |
| Average MH Lot Rent: | $185 |
| Size: | 10 acre(s) |
Financial Information (Actual)
| Gross Income: | $107,000 |
| Operating Expense: | $64,000 |
| Net Operating Income: | $40,000 |
| Expense Ratio: | 59.8 % |
Lot Information
| Singlewide Lots: | 100 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 30 |
| Average Rent for Park-owned Homes: | $0 |