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Mobile Home Park Details

  • Price: $13,500,000
  • Property ID: 1170200
  • Posted On: Dec 26, 2019
  • Updated On: Dec 26, 2019

Property Description

This 3 park portfolio consists of 307 mobile home pads and one small
garage for a total of 308 rental units. The current occupancy of

the portfolio is at 87.6% and there is upside available through the

lease up/sale of 16 currently vacant park owned homes and the

infill of 22 vacant lots. The average lot rent across the portfolio

is $442.

Northland MHC is the largest community in the portfolio at 218

units. Northland’s water & sewer is provided by on-site private

wells and a water treatment plant along with private septic

(1 home per septic system). The two smaller communities,

Woodlane Village (50 Units) and Jefferson Court (39 Units) are

both on public water and septic (1 home per septic system).

Water expenses are billed back to residents in both Woodlane

Village and Jefferson Court.

The portfolio is priced competitively at $13,500,000. The pricing

represents a cap rate of 7.1% on normalized actuals using a

37.1% expense ratio. The portfolio meets the qualifications for

both CMBS and Fannie Mae financing with interest rates ranging

from 4-4.5% on a 30 year amortization. At a 70% LTV, the project

at asking price is capable of achieving a 10+% cash on cash

return.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 307
Total Occupancy: 87.6 %

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