Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 13.0%
- Listing ID: 482268
- Posted On: Nov 5, 2014
- Updated On: Oct 19, 2020
Description
NO BLUE SKY! Stabilized 13% cap, 24% cash on cash, 26% Internal Rate of Return. Based on a 70% LTV.
This park consists of 7-acres +/- and 28 mobile home lots. With 26 Park owned homes. 2- lots leased to private owners, 26-park owned homes sitting on 26-lots of the total 28-lots.
Unit Mix Park Owned Homes: 2-bed 1-bath 9-units, 2-bed 2-bath 7-units, 3-bed 2-bath 10-units.
Rent Roll Attached. Park owned homes monthly rents $12,200.00. Lot rents monthly private owners $350.00.
Proforma vacancies figured at 10%- yr one, 10%-yr two, 9%-yr three and beyond.
City water, city sewer, 100 AMP service to each site, landlord pays water. The electric & gas is individually and metered tenant paid.
No zoning, park is outside city limits.Class A neighborhood.
New water lines in 2013, sanitation PVC. Gravel interior roads.
Located in Pettis County, population 42,000, City of Sedalia population 22,000, the county seat. Sedalia is a rapidly growing city and is home of the MO State Fair.
Average vacancy for rental property in Sedalia is 8%. Average market rent for mobile home lots $200 per month.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 28 |
| Total Occupancy: | 95.0 % |
| Size: | 7 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $154,800 |
| Operating Expense: | $42,000 |
| Net Operating Income: | $96,720 |
| Expense Ratio: | 27.1 % |
Lot Information
| Singlewide Lots: | 26 |
| Doublewide Lots: | 2 |
RV Information
| Number of RV Lots: | 2 |
| Average RV Lot Rent: | $125 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 26 |
| Average Rent for Park-owned Homes: | $525 |
