Mobile Home Park Details

  • Distressed: This property is in default, REO or in foreclosure.
  • Purchase Method: Cash, New Loan
  • Property ID: 1113561
  • Posted On: Jul 31, 2019
  • Updated On: Nov 6, 2019

Property Description

Shady Brook Mobile Home Park is located in Marion, IN. It is a midsized park on 6.4 acres that consists of 41 pads and has an additional 10 acres behind the park to add more trailers should you desire. Marion, IN has a population of 28,327 residents. At the present time the park only has 9 paying tenants. The park has two POH’s that are rented for $411 and $300 respectively. The park has three trailers that are being sold on contract at $395, $395, and $350 per month. There are currently four TOH’s in the park with two paying $185/month, and the other two paying $200/month. The park is on City Water & City Sewer! The main water line has been replaced with schedule 40 PVC, with predominantly copper pipes going from the main to the individual pads. The main sewer line is schedule 40 PVC and owner estimates that the sewer is 70% PVC & 30% clay. The park has its own electric meters and water meters. Water is back billed to the tenants from the park. No gas meters on the premises as tenants coop with a local LP vendor for tank rentals and fillups. The road is asphalt and needs repairs. There are approximately 20 empty trailers on the premises and the owner speculates that all but a couple of them could be renovated and rented out. He only has a handful of titles on the trailers and that will require some legwork by the next owner to correct that condition. He has one tenant that is behind in his rent. The park is currently operating without a license. The new owner will need to clean up the park, remove some dead trees, and secure abandoned trailers to bring back the license.

This is a distressed sale and the bank will need to OK any financial package. If you have experience with turn around situations this might be a great opportunity for you to capture some value added opportunities.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 41
Total Occupancy: 22.0 %
Average MH Lot Rent: $380
Size: 6 acre(s)

Lot Information

Singlewide Lots: 41

Utility Information

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

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