Contact Information

Anja Jauregui

Marcus Millichap

Mobile Home Park Details

  • Price: $1,250,000
  • Purchase Method: Cash
  • Cap Rate: 8.5%
  • Property ID: 1192231
  • Posted On: Feb 20, 2020
  • Updated On: Feb 21, 2020

Property Description

Marcus & Millichap is pleased to present an opportunity to acquire a 1.71-acre mobile home park located at 139 Pricket Lane in Billings, Montana - commonly referred to as BC Mobile Home Park (BC MHP). The subject property is a 22-space professionally managed manufactured home community, comprised of 18 single wide spaces, 2 double wide spaces, and a duplex comprised of two 500 square-foot one-bedroom units. The duplex is located at 127 Pricket lane - just 50 feet north of the 8 mobile homes in the center of the property, and 120 feet west of the 4 mobile homes that border Florine Lane. Tenants are on city water and sewer. The homes are park owned. Currently, water, sewer, gas, and electric are metered back to the tenants. There is an opportunity for an investor to increase operating income through implementation of garbage billbacks.

Location

BC MHP benefits from direct access to highway 90. Additionally, BC MHP is within walking distance to Central Park, a 19-acre neighborhood park with a playground, picnic shelter, tennis courts & softball fields. Nearby retailers include Albertson’s, and CVS.

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Park Information

Community Type: All Age
Number of MH Lots: 22
Total Occupancy: 95.5 %
Year Built: 1970
Average MH Lot Rent: $350
Size: 2 acre(s)

Financial Information (Actual)

Gross Income $188,784
Operating Expense $82,431
Net Operating Income $106,353
Expense Ratio 43.7 %
Debt Info $685,000

Lot Information

Singlewide Lots: 18
Doublewide Lots: 2
Park Model Lots: 2

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 22
Average Rent for Park-owned Homes: $380

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