Article - Why Buy a Mobile Home Park?

Article - Why Now is a Good Time to Buy Mobile Home Parks!

Virginia Mobile Home Park For Sale

3 Miles South of the Maryland State Line - 15 Minutes to Chincoteague Island

$1,559,000 Cash or New Loan (Potential Local Bank Financing)

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108 lots includes:

• Office and Manager Home (=2 lots)

• Duplex House (=2 lots) vacant

• Dead Lots A-13 & A-22 (=2 lots)

• Vacant Lots B-4, A-9 & B-15 (=3 lots) Working on Home Removal for all 3 and then they will be ready to rent

• Rented Lots (=99 lots)

• 4 people waiting on any homes available

• 2 people waiting on a lot for rent

• We usually get 5-10 calls per week from people looking for something to rent.
   

• Onsite Management Couple

• 6 Deep Wells (great water pressure)

• 3 Pump Houses

• Street Lights

• Basketball Court

• Large Corner Lot (field) Not Being Used

• Lot Rent going to $250 per month on August 1st and can easily be raised to $275-295 next year.

• Weekly Trash Service

This mobile home park is located in Accomac County, Virginia and was built in the early 1970's by the prior owner and has had just two owners since it's formation.  Residents are primarily lower income and many are employed by either Perdue Industries or Tyson Foods, both of which maintain significant poultry operations nearby and are the two largest employers in the area.

Occupancy levels in this park as well as in the other parks in the area have been historically in excess of of 90%.  There is a high demand for affordable housing and it is hard to find homes, apartments, and other properties for rent. 

Any time a home moves out, the vacancy is normally filled quickly as soon as the lot is ready. 

The park is located on Virginia's beautiful eastern shore about 1/2 mile east of State Route 13, the major north-south, four-lane divided highway connecting the Philadelphia/Newark, NJ/New York City markets with Norfolk/Virginia Beach/Williamsburg markets.  Traffic counts are about 14,000 vehicles daily.

The property encompasses three tax parcels totaling about 28 acres.  It is cleared and has extensive frontage on State Routes 704 and 705.  There are 3 airports within 100 miles (Salisbury/Ocean City, Accomac Regional Airport, and Norfolk International Airport - 90 miles to the south.

Like most of the Eastern Shore, the park is not served by public water or sewer but, rather, employs a series of wells and septic systems.  As a general rule, two pads are service by one septic tank.  A local well and septic company services these tanks and their associated drain fields on an on-going basis. 

The water system is designed and configured as a "continuous loop" system.  There are six 4" wells and one 6" well.  The water is pumped throughout the park using three pump houses.  As the system is a continuous loop, in the event one pump fails, water continues to flow.  The failed pump can be repaired and placed back into service without disruption of the water supply.

Each pad has an electric meter.  As such, each tenant provides his or her own power.  Similarly, as some mobile homes are heated with gas (propane), each tenant provides their own gas.  The same is for cable, satellite and phone service.

The key to this park is keeping the collections up as the demand is there.  There are very few rentals available in the area and the idea of owning your own home and paying only $250 per month is ideal for the residents. 

For more info contact Creekside Commercial at 800-304-2835 or email

 

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