Mobile Home Park Details
- Purchase Method: Cash
- Listing ID: 282986
- Posted On: Oct 1, 2012
- Updated On: May 8, 2013
Description
Price reduced to $350,000 CASH
Property F/C.
32 Space MHP including a house and an apartment.
House and apt. are in good condition.Current owners are unable to maintain and manage property due to health reasons.
At least 10 of the park owned trailers should be replaced and the remaining coaches sold to tenants.
Property free and clear=Write your own terms with escalating payments!
Solid in-fill blue collar area.
Close to airport, hospital, schools and shopping.
This is a one star park and the Trailers are NOT pretty.
Water, Sewer, and Trash by owner, owner is reimbursed by tenants
Electric and Gas paid by tenant directly to utility company. Tenants maintain their own trailers. Owner does NO maintainence to the trailers in this park after they are sold to the tenants.
Huge 12K monthly upside potential.
Approx. Expenses:
$6000 Maintenance
$1700 Insurance est.
$2160 Taxes
$3600 Off site management
$3600 On site Management
$1800 Water, Sewer, Gas
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$35,060 *Based on 90-95% Occupancy
Location
Property looks lonely. Only 7 currently rented. New tenants buy individual coaches from owner. Two bedromm 1 bath large house was rented for $695 until 2 wks ago.
Tenants have separate meters for electric and gas, however, recently the owner has been paying water bills to make living more affordable.
New owner should switch water costs back to tenants even if base rent was to be lowered.
# 1 $425
# 3 $450
# 6 $415
#18 $525
#28 $420
#31 $500 (apt)
#32 $420
--------------
$3155
A 32 space park 1.5 miles away sold in Jan for $702,500 per affidavit of value.
That park was 85% occupied and is about 1/4 acre smaller and the spaces are
smaller.
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 32 |
| Total Occupancy: | 22.0 % |
| Year Built: | 45 |
| Average MH Lot Rent: | $450 |
| Size: | 2 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $37,800 |
| Operating Expense: | $450 |
| Net Operating Income: | $3,155 |
| Expense Ratio: | 1.2 % |
| Debt Info: | F&C Structure your own note |
Lot Information
| Singlewide Lots: | 30 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 20 |
| Average Rent for Park-owned Homes: | $450 |