Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 7.7%
- Listing ID: 823875
- Posted On: Jun 19, 2017
- Updated On: Sep 1, 2017
Description
WELCOME TO SEABREEZE MANUFACTURED HOME COMMUNITY (255 SITES)
SEABREEZE IS A RARE OPPORTUNITY AS THE CURRENT OWNERS HAVE COMPLETELY UPGRADED THIS PROPERTY OVER THE PAST 2 YEARS.
WITH OUR INSTALLATION OF OUR FINAL HOMES, SEABREEZE HAS NORTH OF 94+% EFFECTIVE OCCUPANCY.
THE PROPERTY IS MANAGED UTILIZING RENTMANAGER AND PAYLEASE SYSTEMS.
THE UTILITIES NOW PASSED THROUGH TO TENANTS ARE WATER, SEWER, AND CURBSIDE TRASH PICK UP. TRASH IS THEN PLACED IN A COMPACTOR PROPERLY LOCATED ONSITE AT SEABREEZE.
THE PROPERTY HAS THE FINAL 42 NEW HOMES BEING INSTALLED WHICH WILL TAKE IT TO A NET OPERATING INCOME NORTH OF $800,000+ ANNUALLY.
THE PROPERTY HAS RECENTLY HAD ALL ROADS RESURFACED OR REPLACED AND THE ENTIRE PROPERTY HAS BEEN REBUILT AS NEEDED FOR A LONG TERM HOLD OWNER TO NOW OPERATE THIS PROPERTY.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 255 |
| Total Occupancy: | 94.0 % |
| Year Built: | 70 |
| Average MH Lot Rent: | $340 |
Financial Information (Pro Forma)
| Gross Income: | $1 |
| Operating Expense: | $360 |
| Net Operating Income: | $840 |
| Expense Ratio: | 36000.0 % |
| Debt Info: | bank |
Lot Information
| Singlewide Lots: | 255 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 72 |
| Average Rent for Park-owned Homes: | $650 |