Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.5%
  • Property ID: 1145591
  • Posted On: Oct 17, 2019
  • Updated On: Feb 18, 2020

Property Description

This property is located north of Franklinton with great access to US-1 Hwy. The zoning is AR District. 35 lots. Currently 23 homes on site. Nine of the homes have just been renovated. 12 vacant lots. Two wells with water tank. 21 septic tanks. Paved streets. Legacy tenants. Mobile home lease rate ranges from $450 to $600. Market lease rate is $750 per month. Big upside if rates are slowly increased. New water and sewer infrastructure. Three tenant owned homes. Twenty park owner homes. This property is in the path of growth.

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Park Information

Community Type: All Age
Number of MH Lots: 35
Total Occupancy: 66.0 %
Year Built: 1984
Average MH Lot Rent: $250
Size: 9 acre(s)

Financial Information (Actual)

Gross Income $126,600
Operating Expense $35,256
Net Operating Income $91,344
Expense Ratio 27.8 %
Debt Info

Lot Information

Singlewide Lots: 35

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 20
Average Rent for Park-owned Homes: $550

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