Mars Hill Mobile Home Park
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Mobile Home Park Details
- Distressed: This property is in default, REO or in foreclosure.
- Purchase Method: Cash
- Cap Rate: 17.0%
- Listing ID: 574171
- Posted On: Oct 16, 2015
- Updated On: Feb 8, 2016
Description
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This park has A LOT OF UPSIDE. There are 56 tenants currently, that are paying below market rents (at just 394.17 for house payment and lot rent).
2+ acres included in sale that is zoned commercial that can be sold off to fund rehab costs.
Augusta is a good market needing housing for 8,000 plus new workers coming to the army base for cyberspace jobs. (Base entrance is 1.1 miles down the highway)
Park needs about $20,000 spent on it to make it look good and turn it into a 10-cap property. Invest another $100,000 and fill the park and make EVEN MORE MONEY. This is an older park, so get in, fix it up, make your money and sell!
Interested in purchasing this mobile home park? Get pre-qualified for a loan.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 75 |
| Total Occupancy: | 74.6 % |
| Year Built: | 1980 |
| Average MH Lot Rent: | $394 |
| Size: | 10 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $227 |
| Operating Expense: | $113 |
| Net Operating Income: | $113 |
| Expense Ratio: | 49.8 % |
Lot Information
| Singlewide Lots: | 74 |
| Doublewide Lots: | 1 |
RV Information
| Number of RV Lots: | 1 |
| Average RV Lot Rent: | $160 |
Utility Information
| Water: | Well |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 69 |
| Average Rent for Park-owned Homes: | $394 |
