Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.0%
  • Property ID: 1255144
  • Posted On: May 12, 2020
  • Updated On: Sep 14, 2020

Property Description

Renovation & restoration of this charming 15 Pad/ two acre - CASH COW - is almost complete. Twelve homes are rented consisting of 11 park owned homes & 1 tenant owned home. Two park owned homes are still in the process of being renovated with renters already in waiting (should be done within 4 - 6 weeks for an additional $900 per month and a 13.5% cap rate and then it is truly a "turnkey" operation). There is one vacant pad with electric and water/sewage. Average monthly rent is $400 - $450. Rented homes are fully renovated. Property is well maintained. This mobile home community is nestled in a peaceful, community type neighborhood. The tenant population is stabilized with a nice mix of retired folk and families. Onsight property management takes care of everything. You also have a small building for storage / office space. The 15 pads are on only one acre leaving the second acre available to expand on. Bring your offers…this opportunity will sell FAST.

Location

Located in beautiful southern Virginia, this charmer is a nice and quiet mobile home community that is right near large, stable, long time employers. It is just a few streets away from the nationally renowned Martinsville, NASCAR Racetrack.

Amenities

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

Park Information

Number of MH Lots: 15
Total Occupancy: 90.0 %
Average MH Lot Rent: $400
Size: 2 acre(s)

Financial Information

Gross Income $57,600
Operating Expense $11,500
Net Operating Income $46,100
Expense Ratio 20.0 %
Debt Info

Lot Information

Singlewide Lots: 15

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 13
Average Rent for Park-owned Homes: $400

Similar Mobile Home Parks for Sale