Property Description

Well located, stabilized MHP with plenty of up-side in a strong market. The park has 69 MHP lots with 56 lot rent only tenants each paying an average of $203. There are 7 vacant rent ready lots. There is one occupied single family home. Current occupancy is roughly 86%.
Clark Homestead is an all ages community and has city sewer and city water that is sub-metered and is billed back to the tenant. Seller will also warranty the water and sewer lines for 2 years from all maintenance issues. Needless to say, the water and sewer systems are in excellent shape. There are 5 park owned homes. The tenant owned units are in good shape with majority of them being 70’s through 90'smodels and some newer homes. The privately maintained roads are paved and in below average condition as our offering price suggests. The park is in a flood zone but the homes are above the flood line. This owners family has owned the land for 200+ years. Located in a excellent location near all amenities, just minutes to downtown.
This park is being offered as a stabilized investment with a 8.50% CAP on current lot rent only using a 49.5% expense ratio. We are looking for cash offers, however recourse bank debt should be available for this deal. At full price, using bank debt (6% interest, 20 YR AM, 25% down) the overall Total Return for the park is 15.5%+. The price per lot is about $17,391 each and includes full infrastructure for each lot.We are asking our investors to submit offers at or above $1.20M for the entire park including POH. The potential of this park using an 95% occupancy and only calculating the $250 Lot Rent Value plus water reimbursement is $1.65M.