Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 7.8%
- Listing ID: 517493
- Posted On: Apr 17, 2015
- Updated On: Aug 25, 2015
Description
71 mobile home spaces, 67 fully occupied
City water and city sewer
Direct billed APS electric and gas
Singlewide spaces, all tenant-owned homes
7.8% cap rate on actuals, huge water/sewer billing upside
Long-term mostly senior tenancy
Low rents, market is $340-350 plus all utilities
Seller financing available
Management in place
2.5% commission split
Location
New to the market with motivated sellers this beautiful Rim Country mobile home park offers an investor a stable asset with great returns and huge upside on utility billing and ability to raise rents. Park is under market rents and currently eats all water, sewer, and trash costs. 94% occupied with long-term mostly senior tenants, this quiet park would be a great asset to any portfolio. There are no park-owned homes on the property and units sell very quickly with Phoenician snowbirds or locals.
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 71 |
| Total Occupancy: | 94.0 % |
| Year Built: | 1968 |
| Average MH Lot Rent: | $320 |
| Size: | 6 acre(s) |
Financial Information
| Gross Income: | $256,255 |
| Operating Expense: | $77,936 |
| Net Operating Income: | $178,319 |
| Expense Ratio: | 30.4 % |
Lot Information
| Singlewide Lots: | 71 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |