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Mobile Home Park Details

  • Price: $2,175,000
  • Property ID: 1015035
  • Posted on Dec 12, 2018

Property Description

The MHP Broker brings to you the sale of a Well-located mobile home park community (MHC) that is just minutes from downtown Rome, GA. Dutch Gardens is offered as a stabilized MHC with plenty of up-side in a strong rental market. Dutch Gardens Mobile Home Park has a total of 76 mobile home pads and current occupancy is roughly 79%, which represents 8 vacant park-owned home (POH) & 8 vacant mobile home (MH) pads, as well as 1 RV pad. Management is actively renovating vacant POH homes and filling vacancies on a monthly basis. This MHP is connected to city water and sewer, and usage data is collected from a master meter. The Park is directly billed, and a portion of the utility costs are billed-back to the tenants for usage reimbursement. Value-add exists by adding in third-party submetering services to reduce overall operating expenses. The Park utilizes curbside can trash pickup and is paid by the Park quarterly. Dutch Gardens MHP has a total of 22 park-owned homes with a mix of singlewides and doublewides ranging from 1990-2000 models, which are in average condition. Four of the homes are being sold on a lease purchase. The privately-maintained roads within the park are paved, as well as the driveways. Overall, the roads are in good condition with minimal repairs needed. A county road runs alongside the park, which provides direct access for several tenants to their driveways. The park is NOT in a flood zone. Dutch Gardens MHP is being offered as a stabilized investment with a 8.1% CAP on current lot-rent, using a 34.9% expense ratio. We are asking investors for shell-value only on the 22 POH of $5,366 each, which is well below replacement cost. We are looking for cash offers, however, recourse bank debt should be available for this deal.

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Park Information

Community Type: All Age
Number of MH Lots: 76
Total Occupancy: 79.0 %
Average MH Lot Rent: $310
Size: 9.1 acre(s)

Lot Information

Singlewide Lots: 76

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 22
Average Rent for Park-owned Homes: $228

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