Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 14.8% (Pro Forma)
- Listing ID: 1099966
- Posted On: Jun 28, 2019
- Updated On: Oct 3, 2019
Description
SELLER FINANCING AVAILABLE WITH 30% DOWN. 2 Acre, 21 space MHP in Poteau OK, within city limits with city water and sewer. 14 Park Owned Homes included with MHP all have been remodeled with laminate flooring (no carpet) most with New Central HVAC added during remodel. Tenants pay all utility bills. MHP pays $0 utility bills. New underground 200 amp electrical service installed to 17 of the 21 spaces. Final 4 underground electrical services will be arranged to be installed by electrical provider. (OG&E) Room to add 7 more MH's, one space is for a DW, three spaces will fit 16x80's, three spaces will fit 16x60's or less (trees would have to be cut to fit larger homes on these spaces) Currently I have 6 rent to own contracts in place and 7 rent contracts. Good long term tenants in place. Gross monthly rent roll $7325 Gross yearly rent roll $87,900 (based on 100% occupancy) Current lot rent is $150.00 on rent to own contracts, lot rent can be increased to market rent. BROKERS WELCOME 3% ON CASH SELL.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 21 |
| Total Occupancy: | 93.0 % |
| Year Built: | 0 |
| Average MH Lot Rent: | $150 |
| Size: | 2 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $87,900 |
| Operating Expense: | $15,822 |
| Net Operating Income: | $63,288 |
| Expense Ratio: | 18.0 % |
| Debt Info: | SELLER FINANCING |
Lot Information
| Singlewide Lots: | 20 |
| Doublewide Lots: | 1 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 14 |
| Average Rent for Park-owned Homes: | $525 |