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Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 12.0%
- Listing ID: 542423
- Posted On: Jun 16, 2015
- Updated On: Dec 21, 2015
Description
Eight (8) site mobile home park with two bedroom single family house and four stall garage. Total rents of $43,658 in 2014. This is the only mobile home park within the city limits of Allegan, MI which makes it popular with tenants and keeps the waiting list full. Several of the tenants have lived here for more than 15 years. The property is graced with old growth oak trees. City inspections are current on all of the homes. City water, city sewer. Mobile homes are park owned. A nearby vacant lot is also available separately.
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 8 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $470 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $43 |
| Operating Expense: | $27 |
| Net Operating Income: | $15 |
| Expense Ratio: | 62.8 % |
Lot Information
| Singlewide Lots: | 8 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 8 |
| Average Rent for Park-owned Homes: | $470 |