Mobile Home Park Details

  • Purchase Method: Seller Financing, New Loan
  • Cap Rate: 10.6%
  • Property ID: 1158865
  • Posted On: Nov 25, 2019
  • Updated On: Feb 26, 2020

Property Description

New Septic + 2 full acres 12 years ago. Park has 3 seperate fields with 17-18 acres. There are a few vacant lots but most of lots are homeowners. Several rentals. Good mix of singles and doubles. Owner has operated this park for multiple years and is interested in qualified buyers. Current lot rents are $350.00/month and Owner is raising lot rents to $375.00/month. Expenses run approximately 40K/annually. Owner is licensed to operate and does a lot of the work in the park keeping expenses low.
Owner will finance park with 50% down.
Park is 20 minutes from Indiana Dunes, Michigan City, and Franciscan Health. All electrical utilities are underground. Septic system is a force fed system with fields taking up to 2-3 acres. Park is current with IDEM.
Owner is having an appraisal done on the property.
(UPDATE: Appraisal recently came in at 1.5M.) 1st page of the appraisal with value and the financials are included in this listing.

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Financial Information

Gross Income $205
Operating Expense $46,373
Net Operating Income $155
Expense Ratio 22621.0 %
Debt Info Free and Clear

Lot Information

Singlewide Lots: 35
Doublewide Lots: 15

RV Information

Average RV Lot Rent: $350

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Download Documents

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