Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 15.0%
- Listing ID: 786111
- Posted On: Feb 17, 2017
- Updated On: Jul 16, 2020
Description
Wisely Commercial Realty is pleased to present an opportunity to acquire a 42-site manufactured housing community in Montpelier, Indiana. Wheel Estates is an all-aged community that currently has 15 occupied sites.
This community is priced to sell at only $3,548 per site and a 15% cap rate on In-Place NOI. Lots of reasons to like this community, it is on city water and city sewer, large lots that are ready for homes, upgraded electrical and quality inventory homes.
The asking price is only $149,000 and includes 7 inventory homes, 6 of which are occupied. This investment offers an owner immediate upside by bringing in homes and filling the vacant sites.
Call Adam McNeil for more information (317) 564-8339 armcneil@wiselycr.com
Location
The property is located in the town of Montpelier, a community located in the northeastern portion of Blackford County. The property is located 30 miles south of Fort Wayne, and approximately 65 miles northeast of Indianapolis.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 42 |
| Average MH Lot Rent: | $225 |
| Size: | 4 acre(s) |
Financial Information (Actual)
| Gross Income: | $65,000 |
| Operating Expense: | $43,000 |
| Net Operating Income: | $22,000 |
| Expense Ratio: | 66.2 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
