Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 10.5%
- Listing ID: 72670
- Posted On: Jun 18, 2011
- Updated On: Dec 11, 2023
Description
30 acres some wooded and some property and mobile home sites have lake frontage. This is a beautiful community that is mostly older adults. There are 32 Lots and currently 80% occupied so there is some upside potential. The community is being submetered for water currently so this should add to the bottom line. Manager handles non payment and all maintenance issues.
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Location
Gladwin,
Michigan
Amenities
- Storage
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 32 |
| Total Occupancy: | 80.0 % |
| Average MH Lot Rent: | $235 |
| Size: | 40 acre(s) |
Financial Information (Actual)
| Gross Income: | $72,000 |
| Operating Expense: | $20,000 |
| Net Operating Income: | $52,000 |
| Expense Ratio: | 27.8 % |
Lot Information
| Singlewide Lots: | 32 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 0 |
| Average RV Lot Rent: | $0 |
Utility Information
| Water: | Well |
| Water Paid By: | Tenant - Submetered |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 6 |
| Average Rent for Park-owned Homes: | $350 |
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