Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 8.1%
  • Listing ID: 1318192
  • Posted On: Sep 4, 2020
  • Updated On: Dec 27, 2020

Description

23 Unit Mobile Home Community on 20 acres located in the city of North Wilkesboro, NC with room to EXPAND! 6 units are park-owned, 17 pay lot rent with one additional empty pad for lot rent, or pull your own mobile on it. All on city water and sewer! This beautiful mobile home community has paved streets, street signs, street lights, and a wonderful community playground. Walmart is located 4.5 miles away. As if this park isn’t a great investment already, there is room to EXPAND!! Rents are as follows: 16 lot rents for $250/each ($4,000), 1 lot rent for $200, 3-MH for $430, 1 MH for $420, 1 MH for $475, 1 MH for $450 ($2835) making a total of $6,835 income!!! The tenants in the park-owner Mobile have been there for YEARS (20 years, 10 years, 4 years) and are due for a rent increase. The park-owned mobiles will have some deferred maintenance, however, they continue to rent as-is. Owner is responsible for water/sewer/ trash, ($1,400), street lights ($117), lawncare ($800/month about 8-9 months out of year), taxes, insurance. This is a GREAT cash flowing MHP with even more potential to increase your revenue. There is also a large storage building on the property that be for owner-use or rented out for a minimum of $200/month!

Location

4.5 miles from Walmart, multiple fast food restaurants within 2 miles. Samaritans Purse just move into town which is bringing over 160 jobs to the area.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 24
Total Occupancy: 96.0 %
Average MH Lot Rent: $250
Size: 20 acre(s)

Financial Information (Actual)

Gross Income: $6,835
Operating Expense: $2,415
Net Operating Income: $4,420
Expense Ratio: 35.3 %

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 6
Average Rent for Park-owned Homes: $475

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