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Mobile Home Park Details

  • Price: $325,000
  • Cap Rate: 6.5%
  • Property ID: 1156384
  • Posted On: Nov 15, 2019
  • Updated On: Nov 18, 2019

Property Description

The MHP Broker brings to you the sale of Vineyard Court Mobile Home Park (MHP) which is conveniently located in USA Today’s acclaimed “Most Picturesque Town in Kentucky” -Augusta, Kentucky. Sitting near the Ohio River in a quiet wooded area, just forty-five minutes from downtown Cincinnati, OH, this MHP offers affordable housing near a thriving major city. In addition, historic Maysville, Kentucky is only 15 minutes away and is an urban area providing jobs, a shopping mall and a regional hospital. Major area employers include; Clopay Building Products, Mitsubishi Electric Automotive America, International Paper-Temple Inland and others.
Vineyard Court MHP consists of 22 pads and currently has 18 tenants, giving this park a 82% occupancy. Of the 22 pads, there are currently 2 lot renters and 19 park-owned homes (POH) and a maintenance shed. The vacant POH’s are being repaired and will be ready for occupancy in December of 2019.
This park has features city utilities (direct bill) and paved roads throughout that are in overall good condition. This property is located within an Opportunity Zone which adds to its’ value through tax benefits and incentives.
We are offering the community at an 8% CAP on lot rent only. The Seller has not raised rental rates in several years offering new ownership an immediate
opportunity to increase revenue. We are asking investors to submit offers at, or
above, $325,000 for the entire park. Owner financing may be available subject to review of terms and conditions.

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Park Information

Number of MH Lots: 22
Total Occupancy: 82.0 %
Average MH Lot Rent: $250
Size: 3.7 acre(s)

Financial Information

Gross Income $22,500
Operating Expense $13,125
Net Operating Income $9,375
Expense Ratio 58.3 %
Debt Info

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 19
Average Rent for Park-owned Homes: $243

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