Contact Information

Mobile Home Park Details

  • Price: $500,000
  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 9.2%
  • Property ID: 1002938
  • Posted On: Oct 28, 2018
  • Updated On: Nov 26, 2018

Property Description

2 sets of 8 units in each set. Each set of 8 units is on 4 lots comprising 2 single wide units on each lot. Each set of 8 units has $3808/month net income. Offering price is for each set of units, NOT both. However, both sets can be purchased. All units are 2010 or newer and are built to residential building code standards and all units are park owned. Each unit has public sewer and there are 4 wells, each well services 2 homes. There is an additional lot 200 x 250 to expand for more homes with a 24 x 40 garage that is rented at $300/month that can be purchased at additional cost. Both sets of units plus additional lot can be purchased as a package for $1.1million.
The street is paved and is dedicated to the town so there is no street maintenance or snow removal. The tenants take care of their own lawn maintenance and driveway snow removal. There is a very small amount of common area that the owner maintains and the cost is minimal.
Also, potential to purchase 8 rental duplexes (16 units) with valuable gas rights at an additional cost of $1.6 million with mobile home park.
80% OWNER FINANCING TO QUALIFIED BUYER

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Park Information

Community Type: All Age
Number of MH Lots: 8
Total Occupancy: 100.0 %
Year Built: 2008
Average MH Lot Rent: $300
Size: 3.0 acre(s)

Financial Information (Actual)

Gross Income $64,800
Operating Expense $19,100
Net Operating Income $45,700
Expense Ratio 29.5 %
Debt Info

Lot Information

Singlewide Lots: 8

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 8
Average Rent for Park-owned Homes: $375

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