Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 13.5%
  • Property ID: 1178314
  • Posted On: Mar 13, 2020
  • Updated On: Jun 14, 2020

Property Description

PROPERTY IS PRICED TO SELL. UNITS ARE 100% OCCUPIED & CURRENTLY EARNING OVER $10,000 of GROSS MONTHLY RENTAL INCOME and one can earn OVER a 31% CASH ON CASH RETURN. The MAJORITY of the units have been RENOVATED within the last 9 MONTHS yielding a 13.5 CAP RATE and there still is an UPSIDE.

This is a very well located trailer park which is one mile from downtown Cartersville, a growing town at the edge of Atlanta's suburbs. The park has 9 lots with trailers, a frame-built house and a vacant lot. Utilities are paid by the tenants directly to the municipality: city water, sewer, trash pick up and electricity. This mobile home park has a few rehabbed rent to own homes that are park-owned. Additionally, there is a remodeled single family house, a rented lot and many renovated park owned units. Over half of the units are from the mid-late 90's to early 2000's. The 2019 gross annual income was up 9% over 2018's income and it should do the same in 2020 for the new owner. The units rehabbed in the last nine months and are one time expenses for the park.

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.The best part of the property is its location along with its significantly larger home sites than most. Additionally, its existing zoning allows for denser placement of multi-family units so one can build many apartments or townhomes on it. Finally, one can decide to take a creatiive approach and develop a few new units at a time.

Purchaser with solid outside financing or cash at closing is preferred however, for the right qualified prospective purchaser, owner financing could be available.

Location

It is 1 mile from downtown Cartersville and a couple of miles to I-75.

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Park Information

Community Type: All Age
Number of MH Lots: 11
Total Occupancy: 100.0 %
Year Built: 1962
Size: 4 acre(s)

Financial Information (Actual)

Gross Income $104,800
Operating Expense $17,300
Net Operating Income $87,500
Expense Ratio 16.5 %
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: $1,090

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