Contact Information

Mobile Home Park Details

  • Price: $480,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.9%
  • Property ID: 1160508
  • Posted On: Dec 2, 2019
  • Updated On: Sep 15, 2020

Property Description

Great opportunity! 37 Total lots. 29 Occupied lots. 2 park owned homes included. Metal storage building 32’ x 88’ with 3 overhead doors for extra income. Metal building has new roof and new overhead doors. Storm shelter under part of storage building, but we don’t currently use it. All homes are tenant owned, except for the 2 park owned homes that are currently vacant, and needs some work to be move in ready. Water and sewer are city and billed direct from city to tenants. Garbage is also provided as part of water bill and billed direct from City to tenants. Driveways are concrete. We are just finishing the replacement of a large section of driveway, so they are now all in good shape. Electric and gas are metered separately and billed direct to tenants from utility company. Relatively easy park to manage. Upside potential by raising rents and filling vacant lots. Lot rents are currently below market. Albia is located 22 Miles from Ottumwa, which has a population of 24,550. Several other towns nearby Albia. 64 Miles from Des Moines. Not interested in doing any seller financing.
Email is best way to reach me. krachut@gmail.com

Amenities

  • Storage
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Park Information

Number of MH Lots: 37
Total Occupancy: 78.0 %
Average MH Lot Rent: $195

Financial Information

Gross Income $70,380
Operating Expense $13,296
Net Operating Income $57,084
Expense Ratio 18.9 %
Debt Info

Lot Information

Singlewide Lots: 37
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 2

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