Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park

Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.1%
  • Listing ID: 457335
  • Posted On: Jul 2, 2014
  • Updated On: Oct 8, 2014

Description

Marcus & Millichap is pleased to offer the New Castle Mobile Community. The community contains 126 manufactured home sites on a 25-acre site. The original 58 sites were developed in 1973. An additional 68 sites were developed in 1998. The price of the New Castle Mobile Community is $915,000. The offering also includes $131,875 in outstanding contracts, $347,200 in park-owned home inventory and $36,600 in annual contract home payments, all of which can be negotiated separately with the seller and will be added to the $915,000 sale price of the park.

There are currently 58 occupied sites, consisting of 51 single-wides and seven double-wides. Of these, 38 homes are owned by the residents, 12 are on land contracts and eight are rentals. There are also 11 vacant park-owned homes and a four-bedroom house that is rented for $615 per month. Residents at the New Castle Mobile Home Community are responsible for paying their own electric and gas bills which are directly billed to the residents. The water and sewer is paid by the park and billed back to the residents.

New Castle is located on the east side of the state of Indiana, approximately 50 miles from Indianapolis.

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Park Information

Community Type: All Age
Number of MH Lots: 126
Year Built: 1973
Size: 25 acre(s)

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

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