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Mobile Home Park Details

  • Price: $3,000,000
  • Cap Rate: 8.3%
  • Property ID: 1028236
  • Posted on Jan 31, 2019

Property Description

TheMHPBroker brings to you the sale of a Stabilized portfolio with three
small, to mid-size parks, all within 35 minutes of each other. The combined
properties have 129 pads total, with the majority being lot-rent tenants (96 in total). The portfolio has a total of 13 vacancies, which represents a 90% occupancy ratio. Lot rents among the parks are between $230-$235 a month. Current market rents range between $260-$280 a month, making for a nice value-add opportunity at no cost. The 20 park-owned homes (POH) are in average, to good shape, with 14 of them on Rent-to-Own (RTO) terms with the tenants. Recently added satellite meter reading system by third party. This will be a great benefit for new ownership, as this will take off the management work load and allow owner to better monitor water usage and mitigate any leaks.

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Park Information

Community Type: All Age
Number of MH Lots: 129
Total Occupancy: 90.0 %
Average MH Lot Rent: $235
Size: 49.9 acre(s)

Financial Information

Gross Income $343,280
Operating Expense $93,294
Net Operating Income $249,986
Expense Ratio 27.2 %
Debt Info

Lot Information

Singlewide Lots: 129

Utility Information

Water: City
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 18

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