Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.8%
  • Property ID: 1188512
  • Posted On: Feb 8, 2020
  • Updated On: Mar 30, 2020

Property 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.

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

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 %
Debt Info

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

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