Contact Information

Mobile Home Park Details

  • Price: $720,000
  • Cap Rate: 8.1%
  • Property ID: 1232403
  • Posted On: Mar 20, 2020
  • Updated On: Mar 20, 2020

Property Description

https://www.themhpexpert.com/property/steel-creek-mhc

Contact the listing agent for more information: Parker Kelly (678) 677-9515

This Satsuma, AL mobile home park called Steel Creek MHP consists of 28 total mobile home lots and one cottage home. Satsuma is part of the Mobile, AL metropolitan area. Out of the 28 mobile home lots, and cottage home, there are 22 total tenants. There are 11 tenant owned homes with an average lot rent of $261.90. 9 rented park owned homes with an average rent of $355.56 above the $261.90 lot rent. 1 rent to own tenant who has 3 years left on his term and is paying $275 for lot rent, and another $625 for the RTO payment. There is also 6 vacant pads and 1 vacant park owned home. The current occupancy for the park is 75.86%. This deal still has upside left in it by filling the vacant home and infilling the 6 vacant lots. Steel Creek is serviced by public water and sewer that is sub-metered and billed back to tenants. There is also a $20 bill back for trash and mowing. Electric and other utilities are billed directly to tenants.

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Park Information

Number of MH Lots: 29
Total Occupancy: 75.0 %
Size: 3 acre(s)

Financial Information (Actual)

Operating Expense $34,979
Net Operating Income $50,511
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

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