Contact Information

Mobile Home Park Details

  • Price: $1,400,000
  • Property ID: 1100029
  • Posted on Jun 29, 2019

Property Description

Well located, value-add MHP with plenty of up-side in strong market. The park has 74 lots with 47 lot rent only tenants each paying $225. There are 17 vacant lots. There is one occupied single family home. Current occupancy is roughly 76%.
Southwood MHP has city sewer and city water that is sub-metered and is billed back to the tenant. Park has new water meters. There are 4 park owned homes. The tenant owned units are in good shape with majority of them being 90's models and some newer homes. 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, just minutes to Walmart and near downtown.
This park is being offered as a value-add investment with a 7.75% CAP on current lot rent only, using a 47.73% expense ratio. We are looking for cash offers, however, recourse bank debt should be available for this deal. At full price, using bank debt (5.75% interest, 25 YR AM, 30% down), the overall Total Return for the park is 9%+. The price per lot is about $19,000 each, and includes full infrastructure for each lot. We are asking our investors to submit offers at, or above, $1.40M for the entire park, including POH. The potential of this park, using an 95% occupancy and only calculating the $250 Lot Rent Value, plus water reimbursement, is $1.85M.

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Park Information

Number of MH Lots: 74
Total Occupancy: 95.0 %
Average MH Lot Rent: $225
Size: 14.1 acre(s)

Utility Information

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

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