Mobile Home Park Details

  • Cap Rate: 4.6%
  • Property ID: 1190738
  • Posted On: Feb 13, 2020
  • Updated On: Jul 17, 2020

Property Description

The parks have a combined 73 lots with no park owned homes. All tenants are lot rent only with average lot rents in the parks at $535. There is 1 vacant lot in the park that is ready to be filled. The asset is currently 98% occupied with room to push rents.
The parks are both on city water and city sewer that can be sub-metered as soon as new ownership is in place. The privately maintained roads are paved and in average condition with no immediate need to improve. This park is not in a flood zone.

The parks are being offered together at a blended 4.61% cap rate on lot rent only and utilizing a 30% expense ratio based on actual financials. Non-recourse debt is available on these assets- quote from our in-house lender comes in at 4.25% interest, 30 YR AM, 10 YR term with a required 1.3 DCR. Listed price per lot is $94,520 and includes full infrastructure for each lot.

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Park Information

Number of MH Lots: 73
Total Occupancy: 98.0 %
Size: 4 acre(s)

Financial Information (Actual)

Net Operating Income $317,041
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0

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