Contact Information

Michael Mayers

M & M Corporate Services, Inc.

Mobile Home Park Details

  • Price: $695,000
  • Purchase Method: Cash, Seller Financing
  • Cap Rate: 11.5%
  • Property ID: 1178314
  • Posted On: Jan 10, 2020
  • Updated On: Jan 22, 2020

Property Description

Very well located trailer park 1 mile to downtown Cartersville, a high growth area on the edge of Atlanta's suburbs. It has 10 lots with trailers, a house and also one additional vacant lot. Utilities are paid by the tenants: city water and sewer, trash pick up and electricity. This mobile home park has multiple rehabbed rent to own homes however, there also is a remodeled single family house, a rented lot and a couple of renovated park owned units. Over half of the units are from the mid-late 90's to early 2000's. The gross annual income continues to increase on this property with more upside in 2020. Now, when you combine a strong labor market, lack of affordable housing, proximity to many employers, shopping and the interstate, you quickly come to realize that there is no shortage of demand from people who want to occupy these units.

In 2018 the CAP Rate was an 11.5. In 2019 that number decreased because of long term capital expenditures, and renovation of multiple units. Nevertheless, currently the gross rental income is higher than in 2018. The income and expenses are actual numbers with rental income growth in 2019 and a gross of over $100,000 which is above 2018's #'s. The best part of the property is its location and its existing zoning which will allow one to either build many apartments or townhomes on it if you should decide to redevelop it or one can take a creatiove approach and develop a few new units at a time. There is also a potential for owner financing for the right purchaser.

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Park Information

Community Type: All Age
Number of MH Lots: 11
Total Occupancy: 100.0 %
Year Built: 1962
Average MH Lot Rent: $290
Size: 4.2 acre(s)

Financial Information (Actual)

Gross Income $96,000
Operating Expense $16,000
Net Operating Income $80,000
Expense Ratio 16.7 %
Debt Info

Lot Information

Singlewide Lots: 4
Doublewide Lots: 7

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 9
Average Rent for Park-owned Homes: $1,080

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