Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 10.0%
  • Listing ID: 513201
  • Posted On: Mar 12, 2015
  • Updated On: Jun 15, 2015

Description

This property of about 1.7 acres is located in South Longmont just north of Ken Pratt Boulevard. A cinder block (1500sq ft) commercial property is at the front of the property facing Main Street. An additional (about 200 sq ft) cinder block building In addition to two approximately 400 sq ft stick built structures. Including the two units already mentioned, there are 23 mobile home sites of which 18 are park owned. There are an addition five sites occupied by the trailer owners. The tenants pay gas and electric (trash included) and the owner pays for water and sewer. The sale price includes the 18 trailers (including the two stick built structures) and the two cinder block buildings. This is a property which could be redeveloped since there is a McDonalds across the street, a Walgreens behind, a Lowes within two blocks, and many more recent commercial structures. The owners have had this property since 1985. The selling price includes all of the park owned trailers. The vacancy rate has typically been less than 1%.

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Park Information

Community Type: All Age
Number of MH Lots: 23
Total Occupancy: 100.0 %
Size: 2 acre(s)

Financial Information (Actual)

Gross Income: $157,500
Operating Expense: $35,000
Net Operating Income: $122,500
Expense Ratio: 22.2 %
Debt Info: none

Lot Information

Singlewide Lots: 22
Doublewide Lots: 1

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 18
Average Rent for Park-owned Homes: $545