Mobile Home Park Details
- Cap Rate: 9.2%
- Property ID: 1093964
- Posted On: Jun 14, 2019
- Updated On: Oct 23, 2019
Property Description
**Please visit www.OtherStreetAdvisors.com to get more information on this property and access to the document vault**
JDS Real Estate Services Inc. and Other Street Advisors are proud to bring Bristol Mobile Village to the market. Bristol Mobile Village is located in Bristol, Indiana which is a small pleasant town inside of Elkhart County, Indiana.
Elkhart County is part of the Elkhart-Goshen Metropolitan Statistical Area, which in turn is part of the South Bend-Elkhart-Mishawaka Combined Statistical Area. The area is referred to by locals as the recreation vehicle (RV) capital of the world and is known for its sizable Amish and Old Order Mennonite population.
The current owner has enjoyed this cash flowing asset for years, with minimal oversight. With some minor capital improvements to this property, and bringing the few vacant homes back on line, the property will keep cash flowing for years to come.
The current demand in this market is high, with no issues finding tenants as needed.
Location
• 71 Pads and 4 Apts - 2 star MH Community
• Family Park
• 84.6% Occupied
• Upside in Rents
• Upside in Occupancy
• Strong MSA with over 200k people
• Stable Strong Cash Flow for the owner with minimal oversight
• Current Cap Rate 9.21%
• Resident Owned Homes = 23
• Park Owned Occupied Homes = 39
• Park Owned Vacant Homes = 5
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 71 |
| Total Occupancy: | 84.6 % |
| Average MH Lot Rent: | $350 |
Financial Information (Actual)
| Gross Income | $388,189 |
| Operating Expense | $217,894 |
| Net Operating Income | $170,295 |
| Expense Ratio | 56.1 % |
| Debt Info |
Lot Information
| Singlewide Lots: | 71 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 43 |
| Average Rent for Park-owned Homes: | $568 |
