Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 10.0%
  • Listing ID: 505903
  • Posted On: Jan 29, 2015
  • Updated On: Feb 3, 2017

Description

24 space park with CITY WATER AND SEWER!. 19 parked owned homes with one of those rent to own. Lot rent is $160/ month while homes rent between $375-500/ month! There is a park manager on site! Owner's plan has changed and wants to sell now! Additional land is included for future development and partially plumbed. Park is broker owned. Some possible owner financing. Most of park owned homes are in the late 1990's to early 2000's and are well maintained. This is a great price with lots of cash flow for only $395,000 cash.

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Park Information

Community Type: All Age
Number of MH Lots: 25
Total Occupancy: 75.0 %
Year Built: 1989
Average MH Lot Rent: $160
Size: 7 acre(s)

Financial Information (Pro Forma)

Gross Income: $100,000
Operating Expense: $25,000
Net Operating Income: $75,000
Expense Ratio: 25.0 %

Park-Owned Homes

Number of Park-owned Homes: 19
Average Rent for Park-owned Homes: $425

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