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Mobile Home Park Details

  • Price: $1,350,000
  • Property ID: 1048668
  • Posted on Apr 2, 2019

Property Description

This multiple parcel mobile home park is a turn-key, stabilized investment opportunity featuring 63 total spaces. The unit mix consists of 43 park owned home, 2 SFH's, 2 duplex apartments, 2 lot renters paying $125/month and 12 vacant lots. Current occupancy is roughly 81% The 43 park owned homes are all fully leased and in good overall condition. One of the single family homes is a two bedroom while the other is a tiny 700sq ft home. Both of these homes are occupied. The park utilizes city water across the entire property and city sewer at 208 Rockcliff Rd and 340 Rockcliff Rd. Those lots on Military St and Co. Hwy 35 use 1:1 septic. Natural gas is supplied to the entire property. Utilities are paid for by the park with utility reimbursement charged into the rent for a majority of the tenants. The roads are paved and city maintained while the driveways are dirt/gravel. The driveways are dirt/gravel and in good condition. Trash disposal is paid for by the park and individual cans are provided to the tenants. This property is not in a flood zone. This park is being offered as a turn-key, stabilized investment with strong cash flows. Galbreath MHP grossed over $400,000 in rental income in 2018. This represents over a 22% cash on cash return to investors. An unleveraged cash purchase will still yield over 14% in Year 1. We are looking for cash offers at or above $1,350,000 for the entire park, including the POH, single family homes and the apartments, however recourse bank debt should be available for this deal. This property does fall into an Opportunity Zone which provides investors a multitude of tax benefits and incentives.

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Park Information

Number of MH Lots: 63
Total Occupancy: 81.0 %
Average MH Lot Rent: $125

Park-Owned Homes

Number of Park-owned Homes: 43
Average Rent for Park-owned Homes: $325

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