This 21-lot MHP is a "landmark" in Lyons.
There are 17 POH and 4 TOH.
Practically fully rented. Lot rents are $125-130.
POH are rented between $350 and $450. Average is $425.
There is a major employer that moved into town recently and is filling any and all vacancies the park encounters. They pay the first month's rent and the security deposit. Tenants sign a 12-month lease minimum. It is a great deal for the park.
We did major repairs in 2018 to fix up the homes. Yes they are older homes, but with our current manager in place, they are well kept and maintained.
Annual revenues: $90k
Annual expenses:
mgmt - $6k
repairs - $10k
taxes - $4k
insurance - $2k
lawn care - $1k
trash - $2.7k
pest control - $1.5k
NOI = 62.8k
CAP: 11.4% (on actuals)
We are open to seller financing with $350k down.
Interested in purchasing this mobile home park? Get pre-qualified for a loan.
