Photo of Mobile Home Park
Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 12.0%
- Listing ID: 113417
- Posted On: Jan 15, 2012
- Updated On: Feb 11, 2016
Description
BIG CASH FLOW! Owner Built with City Water, Sewer & Cable which TENANTS PAY. 25 Units w/Two Double Wides and One Stick Built Home. Each tenant in the 10 Park Owned homes want to buy there unit. Seller has daily calls for available units WITHOUT a For Rent sign! Four vacant Lots ready for Units to add to the already 11% conservative Cap Rate. Potential for 13% Cap Rate or higher. Clean Park with newer units and long term tenants. BIG ADD VALUE!
Location
From Asheville take Highway 40 East to Exit 55. At bottom of ramp TURN LEFT to Highway 70. TURN RIGHT and go 1.4 miles to Grey Eagle Mobile Home Park on Left. 15 minutes to downtown Asheville.
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 25 |
| Total Occupancy: | 84.0 % |
| Year Built: | 2004 |
| Average MH Lot Rent: | $265 |
| Size: | 8 acre(s) |
Financial Information (Actual)
| Gross Income: | $139 |
| Operating Expense: | $34 |
| Net Operating Income: | $105 |
| Expense Ratio: | 24.5 % |
| Debt Info: | 360,000 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
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