Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 10.3%
- Listing ID: 835130
- Posted On: Jul 21, 2017
- Updated On: Jan 15, 2018
Description
Wisely Commercial Realty is pleased to present an opportunity to acquire a 48-site manufactured housing community in northern Indiana. This property is an all-aged community that currently has 81% physical occupancy and 75% economic occupancy.
This community and 24 inventory homes are priced to sell at $1,095,000, which is a 10.3% cap rate on In-Place Net Operating Income. The community is on city water and city sewer, has quality inventory homes and the community is relatively new being built in 3 phases from 1989-1998.
An Industrial Building that is located next to the community is available at $250,000. The building is 4,608 Square Feet and would be ideal for an owner to use for renovating mobile homes.
This investment offers an owner immediate upside by sub-metering the water and charging it back to the residents and filling the vacant inventory homes.
Location
The property is in the Town of Albion, and Albion is the county seat of Noble County. The town is situated Northwest of Fort Wayne and Southeast of Elkhart.
Noble County is a county located in the northern part of Indiana. As of 2010, the population was 47,536. The county seat is Albion. The county is divided into 13 townships which provide local services. Noble County comprises the Kendallville, IN Micropolitan Statistical Area and is included in the Fort Wayne-Huntington-Auburn, IN Combined Statistical Area.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 48 |
| Total Occupancy: | 75.0 % |
| Year Built: | 1989 |
| Average MH Lot Rent: | $250 |
| Size: | 7 acre(s) |
Financial Information (Actual)
| Gross Income: | $182 |
| Operating Expense: | $69 |
| Net Operating Income: | $112 |
| Expense Ratio: | 37.9 % |
Lot Information
| Singlewide Lots: | 48 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
