Contact Information

Marshall Rawlings

Mobile Home Park Details

  • Price: $450,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 18.0%
  • Property ID: 1251935
  • Posted On: May 6, 2020
  • Updated On: Jan 10, 2021

Property Description

This is a beautiful park in the hills of Western Virginia. The property is 13.5 acres. There are 17 pads on 7 acres with plenty of room for expansion. We believe it is possible for another 15-17 units. There are 16 park owned homes and one tenant owned home. Four homes are Section 8 housing while more could be if desired. The average rent is $425 mo. The water is independently metered. The sewage is septic tanks. There is a maintenance shed in excellent shape big enough to hold one large vehicle. There is a manager on site. We have just removed two older units and replaced them with newer units. We now have every unit renovated and rentable, thus the rise in price. The park is under contract and is scheduled to be sold the third week of February. We fully anticipate it closing. However, because we have gotten such a huge response we are willing to put up a back-up contract to anyone interested.

Location

The park is located in the beautiful rolling hills of Western Virginia. With the park on 7 acres there are 6.5 acres for expansion or to use as a homesite. It is a beautiful site full of deer and bear.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 17
Total Occupancy: 82.0 %
Year Built: 2002
Average MH Lot Rent: $425
Size: 14 acre(s)

Financial Information (Pro Forma)

Gross Income $6,750
Operating Expense $825
Net Operating Income $5,925
Expense Ratio 12.2 %
Debt Info None

Lot Information

Singlewide Lots: 17
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 16
Average Rent for Park-owned Homes: $425

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