Mobile Home Park Details

  • Purchase Method: Seller Financing, New Loan
  • Cap Rate: 4.6%
  • Listing ID: 1692269
  • Posted On: Jun 16, 2022
  • Updated On: Dec 15, 2022

Description

Get ahead of the affordability crisis.

Claim Jumpers Mobile Home Court and Storage lies in the historic town of Deadwood, South Dakota. Deadwood is known for its prominence during the Gold Rush era. Due to the unique characteristics of being located in a gulch and having
numerous Historic Landmark designations, it is clear that precious metal is not the only gold to be found here in the Black Hills. Claim Jumpers Mobile Home Court is the an affordable housing community in the city of Deadwood with ample storage
to be rented out.

This stabilized community has 35 Mobile home lot sites. 33 are occupied tenant owned homes (TOH) with 1 park owned home used by management (POH), 1 long term RV lot and 1 commercial office. Current lot rents are $300 and $310. There are 94 self-storage units of various dimensions with many long term tenants.
The self-storage has a waiting list and remains fully occupied.
Claim Jumpers uses master-metered public water and sewer and the park pays for trash. The new owner can sub-meter for water & sewer and experience immediate upside or increase rent to cover average water consumption. Tenants currently pay gas and electric.
The community is priced at $3,195,000 which includes a POH.

The pricing represents a cap rate of 4.64% using current lot income combined with self-storage income. Seller willing to carry some financing.

Medium Income of approx. $36,250, median home price of $248k
3% unemployment rate Population increase of 46% over 2020 (Bestplaces.net).

Considered #3 best place to retire in South Dakota (Niche.com)

Considered #5 best place for young professionals n South Dakota (Niche.com)

45 minutes away, $1.1 billion dollar meat processing plant to be built (2,500 jobs, south of Rapid City)

35 min away, new ramen noodle factory supporting 100s of jobs (Bell Fourche)

Location

Black Hills of South Dakota, in Deadwood.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 35
Total Occupancy: 100.0 %
Year Built: 1985
Average MH Lot Rent: $305
Size: 16 acre(s)

Financial Information (Actual)

Gross Income: $218,951
Operating Expense: $70,551
Net Operating Income: $148,400
Expense Ratio: 32.2 %

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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