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.
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 |