Mobile Home Park Details

  • Purchase Method: Cash
  • Property ID: 1175659
  • Posted On: Jan 2, 2020
  • Updated On: Sep 19, 2020

Property Description

My bank had an Apprasial completed in December 2019 which shows the following
Income Approach - $540,000
Sales Comparison Approach - $420,000
Market Value $500,000
I can supply you the entire appraisal and connect you with the bank. See attachment for 1 page of the appraisal.
Approximately 9 acre park (half wooded and half with home lots).
7 homes currently Park completely renovated in 2019 and ready to receive homes. All 15 septic's located and cleaned, all electrical upgraded to 200 amp service. New gravel, mailboxes, sites prepped. Maintenance man lives on site and removes all trash and cuts all grass. This park is in an "opportunity zone" which means if you keep it 10 years and resell you pay no capital gains taxes. The entire 9 acres is zoned for a park and I feel it will hold approximately 50 homes total. Expenses Monthly: I pay approximately $100 power bill for the lights and well and pay maintenance man $200 month for trash pickup and cutting the parks grass. This property was purchased with my LLC and I am willing to sell the LLC if you desire. This will save you thousands on the closing. I have never purchased anything with the LLC previously so it is clean. I own the park free and clear and no broker is involved. I had the park under contract to be sold but it fell through because the bank changed their policy mid loan that they could no longer loan money on a park that does not have county water and sewer.

Location

Opportunity Zone in Hurt Virginia.

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Park Information

Community Type: All Age
Number of MH Lots: 28
Total Occupancy: 25.0 %
Year Built: 1970
Average MH Lot Rent: $200
Size: 9 acre(s)

Financial Information (Actual)

Gross Income $16,800
Operating Expense $3,600
Net Operating Income $13,200
Expense Ratio 21.4 %
Debt Info No Debt

Lot Information

Singlewide Lots: 28
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

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

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

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