Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 17.0%
- Listing ID: 12759
- Posted On: Jun 2, 2010
- Updated On: Dec 30, 2011
Description
Priced at 17% CAP rate!!!
14-Unit Turnkey MHP on 5.88 Acres with 50 Mature, Producing PecanTrees.
Property is Adjacent to Abraham Baldwin Agricultural College
(ABAC) and University of Georgia Tifton campus but is still nicely located in a quiet country setting (zoned 'mixed-use residential'). The college and the MHP share 500+ feet of fence line.
Park's density should not be changed; sewer upgrade costs are prohibitive.
There are approximately 2 acres perfectly suited for MINI-STORAGE units. New owner would have to have the property re-zoned.
12 Park-owned (10 Doublewides, 2 Singlewides-2, 3, and 5 bedrooms). The park-owned homes have all been completely renovated with 29-gauge metal roofovers and most with 13-SEER heatpump upgrades.
12 Park-owned homes would easily "Lonnie Deal" out. I cannot do this because I have a loan with a local bank.
Excellent Rental History with 3% vacancy rate for 2010.
Currently rents range from $425-$650 per unit. If park were converted to ABAC/UGA student-friendly housing, the income would be $100,000+ per year.
Lot Rent $200 and $175 for Two Owner-Occupied Units. Lot rent increase began January 1, 2010. This was the first increase in 7 years, and then it was only a $15 increase AND we included trash for all tenants. Lot rents could easily increase to $200+ for new owner.
Rents currently include water, sewer, trash, and lawncare.
Property's infrastructure: City water master-metered. We have nine septic tanks, and all tanks and drainfields are in very good condition. We average 2-3 tank pumpouts per year (for the entire park) and have a reliable company that takes care of this for us (usually $160 per pumpout). I have not had the nightmares/hassles other investors have had with septic tanks.
Monthly Expenses = $750
Owner Will Finance Partial Equity to Well-Qualified Buyer.
***For Pictures of all of the units, go to www.tiftonrentals.blogspot.com
Serious inquiries only.
Location
City Water now installed.
We are located immediately north of ABAC, and the park's physical address is located on busy Zion Hope Road. Our park is between Esther Lane and Self Street, both of which are county maintained dirt roads.
Park's Physical Address: 12 Self Street, Tifton, GA 31793
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 12 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1960 |
| Average MH Lot Rent: | $187 |
| Size: | 6 acre(s) |
Financial Information (Actual)
| Gross Income: | $76,500 |
| Operating Expense: | $10,000 |
| Net Operating Income: | $66,500 |
| Expense Ratio: | 13.1 % |
Lot Information
| Singlewide Lots: | 2 |
| Doublewide Lots: | 12 |
RV Information
| Number of RV Lots: | 0 |
| Average RV Lot Rent: | $0 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 12 |
| Average Rent for Park-owned Homes: | $550 |
