Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.8%
- Listing ID: 1188512
- Posted On: Feb 8, 2020
- Updated On: Mar 30, 2020
Description
Wilder MHP is a 12 space mobile home park on city water and city sewer. All homes are tenant owned and pay lot rent of $425/mo. Lot rent includes water, sewer, and trash.
NOI for 2019 was $43k. Lot rent was last increased in October of 2019. With the latest rent increase, property should net at least $45k in 2020.
2019 Gross rents: $59,380.70
Expenses: $16389.70
Net $42,991
This property is professionally managed by Wilder Property Management for a fixed percentage of monthly rents.
Full income/expense detail attached. Notes to the P&L, 1 tenant prepaid for 2020 in the last quarter of 2019. Property taxes run $3700/yr. But are marked as $2k on P&L
City utilities run approximately $925/mo for water, sewer, and trash.
Seller is a licensed real estate agent.
Would potentially carry 10-15% back with full offer. If you would like me to connect you with a local lender who finances MHP's I'm happy to do that.
Location
143 5th St Wilder ID behind the storage units.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 12 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1978 |
| Average MH Lot Rent: | $425 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $59,380 |
| Operating Expense: | $16,389 |
| Net Operating Income: | $42,991 |
| Expense Ratio: | 27.6 % |
Lot Information
| Singlewide Lots: | 12 |
| 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: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 0 |
| Average Rent for Park-owned Homes: | $0 |