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Mobile Home Park Details

  • Price: $2,100,000
  • Property ID: 1021557
  • Posted on Jan 11, 2019

Property Description

The MHP Broker brings to you the sale of a well-located, value-add Mobile Home Park (MHP) with plenty of up-side in strong market. The park has 82 lots with 41 lot-rent-only tenants, each paying $300. There are 12 vacant lots and current occupancy is roughly 67%. Pine Ridge MHP has two wells and 1:1 septic which is included in the tenant’s monthly rent. There are 29 park-owned homes (POH), some that have recently been renovated, and the homes are mostly mid-1980's-1990's models. The tenant-owned units are in good shape, with majority of them also being 1980’s and 1990's models. The privately-maintained roads are paved and in great condition, as our offering price suggests. The park is NOT in a flood zone. This community is located in an excellent area near all the amenities which are close to downtown Columbia. There is no deferred CAPEX on the park, and the only additional capital needed will be to complete the renovations on the vacant POH. This park is being offered as a value-add investment with a 7.00% CAP on current lot-rent only, using a 34% expense ratio, plus consideration for the park-owned homes. There is an additional $67,500 of POH rental income that is not included in the CAP rate. We are asking investors for shell-value only on the 29 POH of $8,000 each, which is below replacement cost. We are looking for cash offers, however, recourse bank debt should be available for this deal. At full price, using bank debt (5.5% interest, 20 YR AM, 30% down), the Total Return for the park is 12.5%+. The price per lot is about $25,610 each, and includes full infrastructure for each lot.

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Park Information

Community Type: All Age
Number of MH Lots: 82
Average MH Lot Rent: $300
Size: 23.0 acre(s)

Lot Information

Singlewide Lots: 21
Doublewide Lots: 8

Utility Information

Water: Well
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 29

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