Mobile Home Park Details

  • Purchase Method: Seller Financing
  • Cap Rate: 10.1%
  • Property ID: 1296816
  • Posted On: Jul 28, 2020
  • Updated On: Oct 10, 2020

Property Description

Note: This is an "Estate Sale." Spring Brook Park is a 22 individually deeded lot manufactured housing rental subdivision with 19 park owned homes. There are 6 doublewide homes and 13 single wide homes owned by the park. The D/W homes are 3 and 4 bedroom with 2 baths at least. The S/W homes are 2 and 3 bedroom units with 2 and 1 bathrooms. There are 3 rental lots rented also. The park stays 100 % leased. Located well into the Southern part of Catawba County on rolling hills with pasture & mountain views. The park is serviced by a very well maintained community water system operated by a State of NC certified well water company. Each lot has it's own private septic system which is automatically serviced and pumped every 5 years. Each lot is individually metered for water. The park owned homes have been very well maintained and all are in very good condition. All the POHs have refrigerators, stoves, dish washers where applicable and all homes have washers and dryers. All the POHs have central heating and air conditioning ( most have modern heat pumps) most all homes have custom cabinetry and most homes have beautiful dinning room groups. A few of the homes have PO storage buildings. All tenants are under a signed lease and all POH tenants have a $500 deposit. The rents are collected mostly on a weekly basis, but some tenants pay by the month. Most all tenants are long term residents. There is not a lot of turn over in this property. Coinvent to the park just a few miles away is a modern grocery store, restaurants, hardware, convenient stores, drug store, fast food, banking, etc. This park was meticulously built for long term ownership. The owner passed away about a year ago and his widow and family have been operating the park since his passing. The owner is willing to offer owner financing to a qualified buyer with 25% down on a 15 year amortization with a 5 year call provision at an acceptable interest rate.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 22
Total Occupancy: 100.0 %
Year Built: 2000
Size: 17 acre(s)

Financial Information (Actual)

Gross Income $165,500
Operating Expense $49,500
Net Operating Income $116,000
Expense Ratio 29.9 %
Debt Info Negotiated owner financing available to qualified buyer with 25% down

Lot Information

Singlewide Lots: 16
Doublewide Lots: 6

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 19
Average Rent for Park-owned Homes: $750

Similar Mobile Home Parks for Sale