Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.0% (Actual)
- Listing ID: 1269343
- Posted On: Jun 10, 2020
- Updated On: Jan 13, 2021
Description
Valdez Mobile Home Park is a thriving community nestled in the beautiful landscape of the Alaskan coast. The community consists of 175 total spaces, of which 128 are currently occupied. Each resident in the park currently owns their own home and most are singled wides. The community boasts public water and public sewer and is included in the rent. The park also benefits from an on-site long term management team.
Current space rents for Valdez MHP are averaging $406, including water and sewer. Electric is above ground and directly billed to the residents. Landscaping is the residents’ responsibility and trash service is provided by the city of Valdez at no cost. The park also generates additional revenue with several snow plowing contracts that the management teams handles. These contracts have resulted in an average of $57,000 in additional revenue each year for the past two years.
Additional upside can be found in adding additional homes to the park, improving efficiencies with water & sewer and/or potential expansion options with 5+ vacant land in the NW part of the site available and close to the utility hookups.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 175 |
| Total Occupancy: | 73.0 % |
| Average MH Lot Rent: | $406 |
Financial Information (Actual)
| Gross Income: | $683,563 |
| Operating Expense: | $342,458 |
| Net Operating Income: | $341,105 |
| Expense Ratio: | 50.1 % |
Lot Information
| Singlewide Lots: | 175 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
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