Mobile Home Park Details

  • Property ID: 1049291
  • Posted On: Apr 4, 2019
  • Updated On: Mar 24, 2020

Property Description

This Mobile Home Park is Well located in a rural setting, value-add MHP with plenty of up-side in strong market (135K people in county). The park has 104 lots with 38 lot rent only tenants each paying an average of $265. There are 30 vacant lots plus an expansion area that is approved for another 102 lots. The owner lives on site in a doublewide home with a full basement.
Current occupancy is roughly 59%. This community and has private utilities including a sewage lagoon pond for waste water which may require resurfacing or other repair in the near future. There are 36 park owned homes with 13 vacant that are in poor condition. The tenant owned units are in fair shape with majority of them being 70’s through 90's models and some newer homes. The privately maintained roads are paved and in below average condition as our offering price suggests. The park is NOT in a flood zone. Located in a excellent location near all amenities, just minutes to downtown Jamestown.
This park is being offered as a value-add investment with a 9.00% CAP on current lot rent only using a 49.5% expense ratio. We are looking for cash offers, however seller financing is available for this deal. At full price, using the sellers terms (6.0% interest, 30 YR AM, 25% down) the overall Cash on Cash Return for the park is 17.5%+. The price per lot is about $11,538 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 $300 Lot Rent Value is $2.53M

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Park Information

Number of MH Lots: 104
Average MH Lot Rent: $263

Utility Information

Water: Well

Park-Owned Homes

Number of Park-owned Homes: 36

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