Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1113559
  • Posted On: Jul 31, 2019
  • Updated On: Jan 5, 2020

Property Description

Parkview Mobile Home Park is located in Peru, IN. It is a smaller park that consists of 17 pads and a two bedroom house on 4.57 acres. Peru, IN has a population of 11,417 residents. At the present time the park only has 4 paying tenants (24% occupied). The average rental rate is between $250 & $275 per month, depending upon the length of time the tenant has lived in the park. Neighboring mobile home parks are currently charging between $235 and $300 per pad, so there is some upside to capture once the park has been stabilized and cleaned up. The rents have not been raised in nearly four years. The park is on City Water & City Sewer. The sewer lines are believed to be about half each of clay and schedule 40 PVC. The water pipes are mostly galvanized. The park has electric & gas meters to the pads. The water is back billed to the residents. The road is gravel and needs some attention

This is a park that that should interest MHP operators who have previous experience in turn-around situations. Parkview MHP is currently operating without a license from the State of Indiana…however has yet to be fined. The lack of a license transfers to the new owner of the park, so whoever buys the park will need to correct the following issues to get the State approved license back. (Fix roads, clean-up park debris, cut down six dead trees, and secure vacant/empty trailers). There are currently six empty trailers on the premises. The owner speculates that three of these could be rehabbed and be made rentable going forward. However the owner only has title to a handful of these empty trailers so it will take some legwork by the next owner to secure these from the state.

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Park Information

Community Type: All Age
Number of MH Lots: 17
Total Occupancy: 24.0 %
Average MH Lot Rent: $275
Size: 5 acre(s)

Lot Information

Singlewide Lots: 17

Utility Information

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

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