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Mobile Home Park Details

  • Price: $1,275,000
  • Cap Rate: 7.0%
  • Property ID: 1045110
  • Posted on Mar 22, 2019

Property Description

THE MHP Broker brings to you the sale of a Well-located, stabilized
Mobile Home Park (MHP), with plenty of up-side in a strong market. The park has 35 lots, with 2 lot-rent-only tenants, each paying $405 per month. There currently are 6 vacant lots, making current occupancy roughly 83%.
Country Oak MHP is a park-owned-home (POH) community, and it has city sewer and city water that is sub-metered and is billed-back to the tenant. The entire water & sewer infrastructure was replaced in 2004. There are 27 park-owned homes, all of which are 2005-2006 models. The park has privately-maintained roads which are paved and in above-average condition, as our offering price suggests. This park is NOT located in a flood zone. Country Oaks is located in an excellent area near several amenities, and just 30 minutes from Atlanta.
This park is being offered as a stabilized investment with a 7.00% CAP on current lot-rent only, using a 49% 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, 25 YR AM, 25% down) the overall Total Return for the park is 18.20%+. The price per lot is about $36,429 each and includes full infrastructure for each lot.
We are asking our investors to submit offers at, or above, $1,275,000 for the entire park, including POH. The potential of this park, using a 95% occupancy rate and only the $430 Lot Rent Value, plus water reimbursement, is $1,544,000 (just on lot value only!).

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Park Information

Community Type: All Age
Number of MH Lots: 35
Total Occupancy: 83.0 %
Average MH Lot Rent: $405
Size: 2.9 acre(s)

Financial Information

Gross Income $155,597
Operating Expense $60,218
Net Operating Income $95,379
Expense Ratio 38.7 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 27
Average Rent for Park-owned Homes: $238

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