Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 16.1%
  • Property ID: 1153259
  • Posted On: Nov 6, 2019
  • Updated On: Feb 6, 2020

Property Description

34 SITES WITH 32 MOBILE HOMES ON 7.5 ACRES WITH CITY WATER AND TWO HOMES PER SEPTIC

everyone wants to buy low but no one wants to pay the listing price right! So if this park which is worth $40000.00 an acre by 7.5 acres  just for the land due to the growth and Cherokee Casino within a mile and over $175000000.00 development being developed right now.  But we have 34 sites of which 32 is occupied with a rental income of $14430.00 monthly gross .
$695000.00 with 70% financing.
This is 16.07% cap base on 40% expenses did not allow for vacancies. with 10% vacancy and 5% turn around 55% for expenses - 16.07% cap using 55% for expenses. You cannot buy this again Snooze you loose.

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Park Information

Community Type: All Age
Number of MH Lots: 34
Total Occupancy: 90.0 %
Year Built: 1985
Average MH Lot Rent: $295
Size: 7.5 acre(s)

Lot Information

Singlewide Lots: 34
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $295

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 32
Average Rent for Park-owned Homes: $450

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