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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 MHP with plenty of up-side in strong market. The park has 29 lots with 2 lot rent only tenants each paying $405. There are 0 vacant lots. Current occupancy is roughly 97%. There are 3-5 additional vacant lots not included in the occupancy or underwriting. Country Oak MHP is a POH community and 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 POH in the park are 2005-2006 models. The privately maintained roads are paved and in above average condition as our offering price suggests. The park is NOT in a flood zone. Located in a excellent location near all amenities, 30 minutes to Atlanta. This park is being offered as a stabilized investment with a 7.00% CAP on current lot rent only using a 51% 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 14.73%+. The price per lot is about $44,000 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 an 95% occupancy and only calculating the $430 Lot Rent Value plus water reimbursement is $1,430,000.

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Park Information

Community Type: All Age
Number of MH Lots: 29
Total Occupancy: 97.0 %
Average MH Lot Rent: $405
Size: 2.9 acre(s)

Financial Information

Gross Income $150,737
Operating Expense $60,218
Net Operating Income $90,519
Expense Ratio 39.9 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 27

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