26 Spaces
0 Vacant
Lot Rent: $230
26 Park owned homes
average Rent on park owned homes: $303
114 Larch Dr.
Log Lane Village, CO 80705
Price: $1,750,000
Cap Rate: 8
 

26 Space Mobile Home Park near Fort Morgan 

This park is ready for someone who just wants to set back and collect rents.  We have replaced the underground water, gas, electric, and phone services.  We then installed 23 newer single wide houses and refurnished all of them.  Most of the houses are late 90’s to early 2000’s.

The park is full except for the unit that we stayed in while repairing the park.  It should be leased or sold by the end of the year.  Sixteen of the houses have been sold giving purchase options.  The other nine are rented.  All have one year leases.  The current monthly rents total $13,633.  The tenants pay for all utilities except trash. 

The streets, water lines, and sanitary sewer lines are owned by the Town of Log Lane Village, who performs all required maintenance.  Phone, cable TV, gas and electric are all owned and maintained by each respective company.  The operating expenses are low.  There is a good manager who lives on site and collects the rent.  I give her a monthly credit against the purchase of her house.

Numbers are:

Income from rent and sales $163,598 per year

Expenses:         Manager           $5,400

                        Trash                $3,300

                        PP Taxes          $4,467

                        RE taxes           $1,903

                        Insurance          $5,412

                                                $20,482

Net Income:      $143,116 per year (actual)

Price: $1,750,000

Terms:  I prefer cash so that I can buy another, larger park and put my construction team back to work.  I might consider a partial finance to the right person, with the right deal.  I’m not interested in listing the property with a broker, but I will pay a commission to a buyer’s broker who gets a deal closed.

Email at Richard@BES-Vail.com or call Richard at 970-471-1090