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Address is 1151 Middle Road Dresden, ME 04342

Dot Fernald

The Dot Fernald Team,Inc.

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Indian Run Estates MHP

Manufactured Home Community for Sale in Dresden, Maine

1151 Middle Road
Dresden, ME 04342

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Sale Price: $950,000
 

Contact Information

Dot Fernald
The Dot Fernald Team,Inc.

Mobile Home Park for Sale

Number of MH Lots: 40
Size: 37.4 acre(s)
Cap Rate: 9.0%
Purchase Method: Cash
Status: Sale Pending
Property ID: 685553
Posted on: Jul 08, 2016
Updated on: May 31, 2017
Price: $950,000

Property Description

Indian Run is a family park with a nice balance of first time homeowners, families and retirees. The park is comprised of 37.4 acres with about half the acreage developed into 40 nice sized lots with established trees and landscaping. An additional 22 lots can be added to the back of the park with shovel ready permits from DEP and the Town of Dresden that took 2 years to obtain and a cost of $100,000. There is 1 owned home that could easily be rented for $700.00 per month; the seller is not going to rent it because he will let the buyer decide if they want to rent or owner finance it. All rents could go up immediately to $285.00 per month. It is very affordable housing, and the 4 vacant lots could be easily rented if an investor installed some used homes and sold them. The previous owner use to do that, and he would make an average of $5000 to $10,000 per home. Top of the line water system and sewer systems. The park appraised for $1,000,000 in late summer 2013, and I know it would appraise again for $1,000,000. The Seller has decided to sell it only because he is running a very successful business, and he wants to re-invest the money into his new business.

Location Description

Indian Run Estates is a well established mobile home park that is centrally located to Bath, Wiscasset, Richmond, Topsham, Lewiston, Auburn, Portland and Route 27 to Augusta.

Park Information

Number of MH Lots:40
Total Occupancy:90.0%
Year Built:20
Average MH Lot Rent: $270
Size:37.4 acre(s)

Financial Information (Actual)

Gross Income$116,640
Operating Expense$32,579
Net Operating Income$84,061
Expense Ratio 27.9%
Debt Info

Lot Information

Singlewide Lots:31
Doublewide Lots:9
Triplewide Lots:0
Park Model Lots:0

Utility Information

Water:Well
Water Paid By: Park
Sewer:Septic

Park-Owned Homes

Number of Park-owned Homes:0