Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 5.5%
  • Property ID: 1267199
  • Posted On: Jun 6, 2020
  • Updated On: Nov 16, 2020

Property Description

Lake Arthur Estates Mobile Home Park is located in Remington, IN. It is a beautiful 56 pad community that is located on a small lake on the south edge of town. The park consists of 35.23 acres and has immaculate infrastructure in place throughout the property. The park was built originally back in 1975, and a newer addition was completed in 1985. The park has concrete roads in great shape, sidewalks on both sides of the roads, and street lights giving it the feel of a residential neighborhood. The park was also well designed for drainage. In addition to the mobile home park, the park will sell with approximately 16 acres of tillable farm ground which can be rented out, used for expansion, or surveyed off and sold after closing. Listing agent is well versed in farm ground and would sell this acreage for new owner if desired. The park is presently licensed for 56 pads by the Indiana State Department of Health. Currently 29 of those pads are occupied. The pad rental rate is currently $300 per month for those residents who own their own trailers. The park also owns 20 trailers which rent out between $525 & $650 per month. The last rental increase for both TOH & POH was back in 2015. The park is on city water & city sewer. The underground pipe material consists of PVC. Each pad has its own electric & gas meters. The park does not have individual water meters at this time. The concrete road & sidewalks are presently maintained by the owner of the community. Tenants are required to mow their own pad. The park contracts with outside vendor for snow removal as needed. The park is in great shape but does have two trailers that need to be removed. All of the homes in the park have skirting, 70% of the homes have peaked roofs, and off-street parking is available for each pad. This is a beautiful park in a quaint central Indiana farming community that has good industry and job sources locally. Whether you are a first-time investor, or a national investor in mobile home communities, this is a park that should be attractive to even the most discriminating buyer. It offers an instant cash positive return with SIGNIFICANT value add opportunity going forward.

Location

Remington is located about 90 miles northwest of Indianapolis and
about 90 miles southeast of Chicago. It is about a mile west of
Interstate 65; U.S. Route 24 and U.S. Route 231 pass through the
town. West Lafayette is just 30 miles south of Remington on U.S.
Route 231.

In addition to being located in the heart of central Indiana
agricultural territory, it is also home to a fair amount of industry for a
town of its size. Remington is home to Advance Auto Parts & FBI
Buildings. Also located in Jasper County is Franciscan Healthcare,
Sealy Mattress Corporation, Talbert Manufacturing Inc., Conagra
Brands Inc.,Rensselaer Care Center, Walmart, & Georgia-Pacific
Corporation.

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Park Information

Community Type: All Age
Number of MH Lots: 56
Total Occupancy: 51.0 %
Year Built: 1975
Average MH Lot Rent: $300
Size: 36 acre(s)

Financial Information (Actual)

Gross Income $141,960
Operating Expense $116,680
Net Operating Income $36,080
Expense Ratio 82.2 %
Debt Info

Lot Information

Singlewide Lots: 56
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 20
Average Rent for Park-owned Homes: $550

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