Lakeview Estates is a great opportunity to get into the Mobile Home Park Business.
Great Value Add MHP in Emporia KS near Emporia State University (5500 students, 700 staff.) Current owner purchased in conjunction with a larger park in town and has done the heavy clean-up of the park to get it ready for a new owner who can start rehabbing existing trailers and moving in new trailers. Priced to sell. Open to Owner financing with STRONG down payment.
The owner purchased the park and immediately spent significant time and money cleaning out trash, debris and abandoned trailers, extensive landscaping and tree work, multiple electrical upgrades and fixing water leaks, survey completed and sewer line jetting. Much of the initial heavy work has been done that we complete when we buy a park.
New owner should expect to finish either rehab or tear out of vacant trailers (3), 1-2 we believe are salvageable or can be sold as handyman specials. Rents could be raised as they are $20-25 under market for pad rent. Demand is high in this market and the new owner would do well to move in trailers as there is both demand for park owned rentals and to sell homes to new tenants. One of the best located parks in town. Adjacent railroad tracks are supply tracks for Bungee seed and are not normal commercial lines (i.e. they are for moving rail cars to and from the plant not for through trains.) The mobile home park is surrounded by single family homes, some light commercial to the south and a City Park to the north. Currently the mobile home Park is the “ugliest house on the block” and as it is improved, will benefit greatly by the desirable surrounding area.
About The Opportunity
• Water and Sewer are not yet sub-metered
• Rent increase to $215 takes effect October, 2020. This is the first increase in 6 years. market rent is $250-275
• There is room to double the homes in the park (bring in some homes and do the math) .
About The Park
• Plenty of Shade Trees
• There are no Park Owned Rental Homes
• All Public utilities (water/sewer/trash all supplied by City of Emporia.)
• Tenants have Gas and Electric in their names
• The park borders Lakeview public park and is walking distance to East Street playground
• There is plenty of parking space
• The park is across the street from Bunge Seed Corporation
• The park is in a tree lined neighborhood but also walking distance to Emporia city center
• It is 2.5 miles to Emporia State University
About the Area
• Emporia is the Lyon County Seat
• Major Employers: USD#253, Tyson, Emporia State University, Simmons Pet Food, Hostess, Newman Health...
• There are over 259,000 people within a 1 hour drive of the city
• Emporia has an unemployment rate of 3.5% which is under the national rate of 3.9%
• Median Household Income: $40,427 at 2010-2014, a 11.25% increase since 2005-2009
• Median House Price: $92,500 at 2010-2014, a 2.66% increase since 2005-2009
• Emporia City has beautiful parks, safe neighborhoods, great schools and Emporia State University.
• Emporia City provides excellent business and development opportunities due to its proximity to major rail lines.
• Walmart, Starbucks and Sonic both have locations in Emporia