Mobile Home Park Details

  • Cap Rate: 10.6%
  • Listing ID: 1689682
  • Posted On: Jun 13, 2022
  • Updated On: Oct 21, 2022

Description

Park overview
-11 total rentable units
-10 Park Owned Homes
-1 Single Family House (Onsite Manager lives in for free rent)
-Approx. 3 cleared acres to add more lots with spare well, pump,
pressure tank installed.
-Approx. 31.8 acres in total. Park takes up about 5 acres as it is today
-Parks Manager lives rent free in home
- Handles landscape, maintenance & repairs, rent collections, meets
with vendors

Utilities
-3 wells on property, 2 in use. (Owner pays electric for well pump)
-FPL Electric, each unit metered
-Waste Management Dumpster (Owner Pays)
-Septic systems (tank / drain field setup)

Value Add Opportunity
-Add 4 or more units to vacant cleared section supported by extra well. (Subject to county zoning approvals)
-Bring rents up to market levels

Location

-Rural Small town with high demand for affordable housing
-Walmart in town
-Schools, State and County Gov't buildings located in town

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Park Information

Number of MH Lots: 11
Total Occupancy: 99.0 %
Size: 32 acre(s)

Financial Information (Actual)

Gross Income: $72,300
Operating Expense: $13,251
Net Operating Income: $58,326
Expense Ratio: 18.3 %

Lot Information

Doublewide Lots: 11

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 11
Average Rent for Park-owned Homes: $625

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