Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.0%
  • Property ID: 1118293
  • Posted On: Aug 9, 2019
  • Updated On: Nov 6, 2020

Property Description

BV MHP is a 36 Unit manufactured home community consisting of 34 MHP Spaces and 2 stick built rentals located 60 miles north of Salt Lake City in the incorporated city of Brigham, Utah. BV offering includes 5 park owned homes and 4 homes sold on contract. 3.09 acre site is a designated OPPORTUNITY ZONE! An affordable housing shortage exists in Brigham City. Brigham Village is presently 97.4% leased. To obtain complete Offering Memorandum reach out to James Burgess (james@theburgessco.com) for NDA necessary.
NOTE#1: NOI is computed without additional P.O.H & Homes sold on contract income
NOTE#2: Approx. 60% acquisition debt available to qualified Buyer, 10/30, at 3.75% fixed interest rate.

Location

Affordable Housing Shortage exists in Brigham City; Further this site designated an "Opportunity Zone" which is a development tool designed to drive long term capital into low income communities and provides federal tax incentives for investors to reinvest their capital gains.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 36
Total Occupancy: 97.4 %
Average MH Lot Rent: $380
Size: 3 acre(s)

Financial Information (Actual)

Gross Income $171,338
Operating Expense $51,401
Net Operating Income $119,937
Expense Ratio 30.0 %
Debt Info Free & Clear; NOI based on estimated FY 8/20 to 7/21 without 2021 esc.

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 5