Oak Manor is an all age community consisting of 40 mobile
home sites and one brick house. The community is on city
water and sewer of which the seller only bills back for the
water usage. The rents are currently $35 below the market
average which will allow a new investor to increase rents
and bill back for sewer. As of August 2014, the seller holds
title to seven vacant park owned homes that will be
transferred to a buyer at closing for no additional cost. Per
the seller new water lines were installed within the last 14
years and the sewer lines are tile. The seller has not
implemented a rent increase since 2009 ($10), however she
will be putting a $10 increase in place prior to closing.
The asking price of $535,000 equates to an 11.95 percent
cap rate based on the annualized 2014 financials and a
9.53 percent cap rate on broker pro forma.

There are 7 vacant park owned homes that come with the sale.