Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park

Mobile Home Park Details

  • Purchase Method: New Loan
  • Cap Rate: 10.4%
  • Listing ID: 647215
  • Posted On: Mar 22, 2016
  • Updated On: Jun 21, 2016

Description

Marcus & Millichap is pleased to present a three MHC portfolio located in Anderson, Fairmount and Alexandria, Indiana; Grant and Madison Counties. The portfolio consists of 186 sites with all city utilities and the opportunity to scale operations above 130,000. Major employers consist of hospitals and universities.

In Addition to the Asking Price of $2,099,000 for the Real Estate the seller will be including 61 Rentals and 10 Lease With Option Homes in the Sale at no additional cost - these homes gross approximately $178,000 per year.

Fairmount MHP offers 55 Sites with an average lot rent of $214. Major upside being offered at $8,182 per site and a 10.67 percent cap rate.

Alexandria MHP offers 74 sites with an average rent of $224. Major upside in stabilizing occupancy and being offered above a 10.57 percent cap rate.

Countryside MHP offers 57 sites with an average rent at $249. This is a stable [ark with occupancy at 89 percent. A new owner can enjoy a cash flowing asset.

The Indiana Manufactured Housing Association has released a new LWO agreement that is approved in the State of Indiana. Allowing a buyer to change leased homes substantially, therefore, reducing expenses.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 186
Total Occupancy: 77.0 %
Average MH Lot Rent: $229

Financial Information

Gross Income: $514,117
Operating Expense: $296,094
Net Operating Income: $218,023
Expense Ratio: 57.6 %

Utility Information

Water: City
Sewer: City

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