Contact Information
M Micheal John
Mobile Home Park Details
- Price: $2,575,000
- Purchase Method: Cash, New Loan
- Cap Rate: 8.6%
- Property ID: 1244378
- Posted On: Apr 20, 2020
- Updated On: Sep 29, 2020
Property Description
Park is Zoned "Mobile Home Park" with public water and sewer utilities. - plus 16 additional lots - Long Term residents, solid income, desirable area, huge lots, well established cash flow and solid rent history. No Pro-Forma "Bologna"! This is the Real Deal w Real Numbers! Are you tired of hearing real estate brokers "Value Add" ? which means you "Add" your money to increase their "Value". What kind of "Sucker" do they think you are? "Cash Cow" opportunity! If you are looking for 8.5% to 11.5% return on investment you are at the right place. If you insist on buying a park that returns less than 8.5% interest you have come to the wrong place. All Underground utilities, paved roads, "Garden of Eden"; your going to want to move out of your home !! Just be sure to bring a big safe for all the CASH !! Confidentiality Agreement Respectfully Requested
Location
Ten Minutes to Lake Michigan! Awesome property with additional expansion available for added RV and Boat Storage revenue.
Park Information
Community Type: | All Age |
Number of MH Lots: | 50 |
Total Occupancy: | 80.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $525 |
Size: | 30 acre(s) |
Financial Information (Actual)
Gross Income | $295,000 |
Operating Expense | $98,750 |
Net Operating Income | $196,250 |
Expense Ratio | 33.5 % |
Debt Info | N/A |
Lot Information
Doublewide Lots: | 50 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |