Contact Information

Jon Fisher

License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

Mobile Home Park Details

  • Price: $275,000
  • Purchase Method: Cash
  • Cap Rate: 9.7%
  • Property ID: 1228962
  • Posted On: Mar 15, 2020
  • Updated On: May 7, 2020

Property Description

Lake Shama Mobile Home Park is a beautiful community located just outside of New Castle, IN. The park is bordered by Interstate 70 and includes a 1,120 sq ft single family residence, as well as a large private lake stocked with fish. The MHP consists of fourteen individual pads and one single family residence, for a total of fifteen rentable units.

The park due to its rural location has its own well and septic system. Both of these units are large enough to easily handle the daily usage for the community. Both of these units have been well maintained by current owner. The road is asphalt and is in average/above average shape.

New Castle has approximately 18,000 residents and is located 44 miles northeast of Indianapolis. It is home to the Indiana Basketball Hall of Fame, as well as Steve Alford. The local high school has the largest high school gymnasium in the entire world.

New Castle’s largest employer is Lifeline Personal Response. Other larger employers include Henry Community Health, New Castle Correctional Facility, & the local Walmart Super Center.

The park has been well cared for by the current owner for many years. He is now ready to slow down, and as a result that park is now available for purchase. This could be the perfect park for a smaller or beginning investor. This park should qualify for traditional lending.

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

Park Information

Community Type: All Age
Number of MH Lots: 15
Total Occupancy: 73.0 %
Year Built: 1964
Average MH Lot Rent: $250
Size: 24 acre(s)

Financial Information (Actual)

Gross Income $35,120
Operating Expense $8,356
Net Operating Income $26,764
Expense Ratio 23.8 %
Debt Info

Lot Information

Singlewide Lots: 14

RV Information

Number of RV Lots: 1

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 2

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