Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 7.1%
  • Property ID: 1135023
  • Posted On: Sep 17, 2019
  • Updated On: Dec 16, 2019

Property Description

AMA Mobile Home Park is conveniently located just off of Hwy 41 and minutes from Lloyd's Express Way in Evansville, IN at 1900 N Willow Rd..

The Community is Zoned for 66 Homes. It has accommodations for 58 Homes currently. There are 8 New 2018 Park Owned Homes, 2 of which will be set and Rented by the end of September for additional income. There are 8 other Park Owned Homes. There are 10 Tenant Owned Homes in the Community. We are repairing 2 Homes that should be occupied quickly. The New 3/2 Homes including lot rent bring in $695 monthly. The New 2/1 Homes bring in $615 including lot rent. The used Homes are bringing $350 to $400 at this time lot rent included. The Lot Rent at this time is $225 per month. With the improvements that are on going with the landscaping and the addition of New Homes several of the Rent on the Homes will be increased an additional $25 to $50 dollars per month in the near future.

Evansville, IN is a growing and expanding City. Its population is about 150,000 with an additional population of 500,000 in the surrounding areas.

Based on the 2018 figures with expenses including Management fees. After the 2 New Homes are set and no other improvements the NOI for 2020 is at $86,000 plus.

Of course with more space for additional Homes means greater NOI.

If you have further questions please feel free to contact me.

Thank you!
Robert Parrish
Call (618) 267-4773
Call or text (618) 367-5285

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Park Information

Community Type: All Age
Number of MH Lots: 66
Total Occupancy: 36.0 %
Year Built: 1977
Average MH Lot Rent: $225
Size: 3 acre(s)

Financial Information (Pro Forma)

Gross Income $115,680
Operating Expense $38,004
Net Operating Income $77,675
Expense Ratio 32.9 %
Debt Info

Lot Information

Singlewide Lots: 66

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 16
Average Rent for Park-owned Homes: $525