Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Property ID: 1187206
  • Posted On: Feb 5, 2020
  • Updated On: Mar 13, 2020

Property Description

Colliers International is pleased to present the opportunity to acquire Foxwood Estates manufactured home community, a 45 site located in Redfield, South Dakota.

Built in 1975 Foxwood Estates is an all-aged, family community that has one chip and seal and one gravel road that is maintained by the owner, however snow removal is completed by the city. The roughly 8.68 +/- acres are relatively flat and provides residents with city water, city sewer, a lift station that is maintained by the community owner (new pumps were replaced in 2019), a concrete parking area for two cars for each site. The residents are direct billed for all utilities and the majority of residents pay rent by automatic payments ACH.

Whether you’re a first time community owner or adding to your existing portfolio, Foxwood Estates offers a new owner the opportunity to acquire a turnkey community with a stable income stream for less than $10,000 per site.

For more information and to review the due diligence materials, click the link here: https://www.crexi.com/properties/306507/south-dakota-foxwood-estates-mhc?openDueDiligence=open

Investment Highlights
- Asking Price is a 10% Cap Based on Owners 2019 Actual Income
- 100% Resident Owned Homes
- All Utilities are Direct Billed to Residents from the Service
Provider (City Water/Sewer, Electric, Gas and Trash Removal)
- The Owner Maintains the Roads, the City Completes Snow Removal
- On-Site Manager/Maintenance Has Been with the Community 10+ Years
- 3 Year Average Expense Ratio is 14.4%
- 44.4% Economic Occupancy | 44.4% Physical Occupancy

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

Park Information

Community Type: All Age
Number of MH Lots: 45
Total Occupancy: 44.4 %
Year Built: 1975
Average MH Lot Rent: $200
Size: 9 acre(s)

Financial Information (Actual)

Gross Income $47,160
Operating Expense $7,646
Net Operating Income $39,514
Expense Ratio 16.2 %
Debt Info

Lot Information

Singlewide Lots: 45

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0

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