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Mobile Home Park Details

  • Price: $1,595,000
  • Property ID: 1030617
  • Posted on Feb 6, 2019

Property Description

TheMHPBroker brings to you the sale of a Extremely well located, value-add MHP with plenty of up-side in strong market. The park has 69 lots with 17 lot rent only tenants each paying $275 as of Jan 1 2019. There is 14 vacant lots. Current occupancy is roughly 65%.
Blackburn MHP has city water that is sub-metered and is billed back to the tenant. The park uses a 3 mound 3 pump septic system that is virtually new and has no kown issues. There are 38 park-owned homes (POH) with 20 rent-to-own (RTO) units that were sold for an average of $20K-$25K with strongly vetted buyers. The tenant owned units are in good shape with majority of them being 90's models and some newer homes. The privately maintained roads are gravel and delivered in new condition as our offering price suggests. The park is NOT in a flood zone. Located in a excellent location near all amenities, just minutes to downtown.
This park is being offered as a value-add investment with a 8.25% CAP on current lot rent only using a 38.25% expense ratio. 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, 25% down) the overall levered cash-on-cash for the park is 14.5%+. The price per lot is about $23,000 each and includes full infrastructure for each lot.
We are asking our investors to submit offers at or above $1,595,000 for the entire park including POH. The potential of this park using an 95% occupancy and only calculating the $300 Lot Rent Value plus water reimbursement is $2.30M.

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Park Information

Community Type: All Age
Number of MH Lots: 69
Total Occupancy: 65.0 %
Average MH Lot Rent: $275
Size: 28.5 acre(s)

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 38
Average Rent for Park-owned Homes: $333

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