Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 10.0%
  • Listing ID: 1328599
  • Posted On: Sep 22, 2020
  • Updated On: Oct 5, 2020

Description

The is a great investment for a new owner. Within walking distance to the City's park which has a public pool, playground, golf, disc golf, skate park, and more. Well maintained neighborhood. Beautiful mature trees.
Currently at 100% occupancy on completed units. We bought 8 doublewide units that used to be classrooms and we are turning them into 2/3 bedroom units. One is complete, a second doublewide is nearing completion, 7 of them have been framed in and most have electrical already ran. As soon as a unit is finished, it is occupied within days. Long list of applicants. Once the double wides are finished, the monthly income will be around $22,000.
The park is within city limits and is a great location. The park does pay for the water and sewer which we get through the city, but they could be individually metered off. Currently averages about $2500 a month.
On site maintenance. Large office/storage building and a building materials/equipment shed with 2 large double doors.
Reason for selling is because a month after buying this mobile home park, we bought a large business from a family member and would like to expand on it. This would make a great addition to a portfolio or first time buyer.

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Park Information

Community Type: All Age
Number of MH Lots: 89
Average MH Lot Rent: $240
Size: 40 acre(s)

Financial Information

Gross Income: $204,000
Operating Expense: $34,000
Net Operating Income: $170,000
Expense Ratio: 16.7 %

Lot Information

Singlewide Lots: 80
Doublewide Lots: 9

RV Information

Number of RV Lots: 2

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 34
Average Rent for Park-owned Homes: $450

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