Contact Information

Mobile Home Park Details

  • Price: $475,000
  • Cap Rate: 9.2%
  • Property ID: 1324850
  • Posted On: Sep 16, 2020
  • Updated On: Feb 18, 2021

Property Description

*Listing Broker: Jennifer Stein, JDS Real Estate Services Inc.*

Link to Offering Memorandum & Public Files:

https://drive.google.com/drive/folders/1Op9elrQQul82i8j2HVDAWnJ-bhDpweND?usp=sharing

This is a unique opportunity to purchase a 100% Occupied, 21 space Mobile Home Park in Lyons, IN. This property has a low operating expense ratio, and is ready for an incoming buyer to pick up the baton.

Currently this property has 16 Park Owned Homes, 4 Tenant Owned Homes, and 1 home that have been sold on agreement. Property is on City Water & Sewer with ALL UTILITIES BILLED DIRECT TO TENANT! Additionally, there are 16 rentable storage units on site - opportunity for additional income! Currently 7-8 rented at $20/mo.

Property is managed by a Local Manager who would be interested in continuing to stay on! Property is tidy and clean, with lot rents under market - opportunity for incoming buyer to raise rents to market, and sell homes on contract to current or new tenants! Property is made up of 2 parcels, totaling in just under 2.75 acres, 21 functioning spaces. Property is not in FIMA Flood Zone, and would make a low risk asset for your next acquisition!

Location

-- Greene County, IN - General Location
Greene County was formed in 1821. It was named for Gen.
• Nathanael Greene, who commanded the southern theater in the
Revolutionary War, eventually forcing the British army under Charles Cornwallis to retreat to Yorktown. There it was forced to surrender, ensuring American independence.
As of 2010, the population was 33,165. Greene County is also a part
• of the Bloomington, Indiana Metropolitan Statistical Area.

-- Proximity to Airport
Sugar Court Mobile Home Park is located just 45 miles from Terre
• Haute Regional Airport
Sugar Court Mobile Home Park is located just 72 miles from
• Indianapolis International Airport

-- Shopping Centers & Grocery Near By
• Quick 11 Minute Drive to Walmart Super Center Multiple Grocery Stores within 15 minute drive

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

Park Information

Number of MH Lots: 21
Total Occupancy: 100.0 %
Year Built: 1970
Average MH Lot Rent: $150
Size: 3 acre(s)

Financial Information

Gross Income $82,377
Operating Expense $30,364
Net Operating Income $52,013
Expense Ratio 36.9 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 16
Average Rent for Park-owned Homes: $262

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