Mobile Home Park Details

Purchase Method: Cash, Seller Financing, New Loan
Cap Rate: 8.6%
Listing ID: 1283170
Posted On: Jul 5, 2020
Updated On: Sep 14, 2020

Description

88 Pads approved by county for RV/MOBILE HOME PARK,pads are 42'x 54'& do not include the septic area. To date there are 53 of the planned & approved lots completed,electricity is available for the 35 remaining lots & sewer permits are in hand for the 35.Sewer& water expense is avoided with deep water wells & septic tanks saving $75/month or $6,600/month for 88 RV'S.POSITIVE CASH FLOW at Present with 18% of planned 0ccupancy.

Location

Summerdale,Alabama,Baldwin County BEACH EXPRESSWAY,9 miles south of Interstate 10,fastest growing area in Alabama, 22 miles to GULF OF MEXICO BEACHES,625'Frontage on BEACH EXPRESS,TRAFFIC COUNT 20,000-25,000 per 24 HOUR PERIOD& with extension to INTERSTATE 10 estimates are that it could possibly double.

Amenities

Laundromat
Handicap Accessible

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Park Information

Community Type:	All Age
Number of MH Lots:	88
Total Occupancy:	93.0 %
Year Built:	2017
Average MH Lot Rent:	$425
Size:	9 acre(s)

Financial Information (Pro Forma)

Gross Income:	$392,700
Operating Expense:	$68,400
Net Operating Income:	$324,300
Expense Ratio:	17.4 %
Debt Info:	disclosed at proper time, seller extremely motivated health