Mobile Home Park Details

  • Purchase Method: Cash, New Loan, Assumable Loan
  • Cap Rate: 10.5%
  • Property ID: 1284749
  • Posted On: Jul 7, 2020
  • Updated On: Aug 25, 2020

Property Description

This is a 41 space park consisting of 3 single family homes, 8 apartment units and 30 mobile home lots.

Two of the single family homes are rented for $650 each. The third house is in poor shape and vacant.

The apartment buildings are currently being renovated and the plan is to have all 8 units rented by the Sep/Oct timeframe. Rents for these units range from $450 - $700.

Of the 30 mobile home lots, there are currently 12 occupied and 18 vacant lots. The lot rents are $300.

The park overall is in a good location, but the park could use a facelift. The mobile homes are fairly old, so a new owner should consider bringing in newer homes to make the park look nicer.

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Park Information

Community Type: All Age
Number of MH Lots: 41
Total Occupancy: 50.0 %
Year Built: 1951
Average MH Lot Rent: $300

Financial Information (Actual)

Gross Income $87,240
Operating Expense $24,172
Net Operating Income $63,248
Expense Ratio 27.7 %
Debt Info Bank loan of $250,000

Lot Information

Singlewide Lots: 30

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 18
Average Rent for Park-owned Homes: $450

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