Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Property ID: 1330335
  • Posted On: Sep 27, 2020
  • Updated On: Feb 25, 2021

Property Description

For More Info:https://www.dropbox.com/sh/2ybvu03k7gy8ffh/AADvY7jfckt8WW1MmXcoRRuIa?dl=0

Park #1 IF SOLD SEPERATLEY $275K. 41 lots Shady Grove MHP
101 WEST 35TH ST Anniston Al
Parcel# 1809304025010000
Taxes 996, 2019
City and septic
Paved Rds and with some gravel
No office
Some 200 amp
Not in city
675 on rents around town
Zoned mhp
Master meter 400.mnth
Trash is dumpster
Huge amount of potential in this value-add deal. This park is a blank slate waiting for an investor to come in and make it into cash producing asset. 15 vacant homes are already in place. This is the perfect opportunity for a new investor with capital to obtain a park WITHOUT inheriting any problems or issues from the previous owner. Rehab the existing homes and handpick your own tenants to craft the park exactly how you like. All the heavy lifting by evicting all the old problem tenants, removing all the worst homes, and bringing in add'l used homes ready to be rehabbed. Park has 17 old homes onsite
-2ccupied TOH (paying $200-250/mo lot rent)
-15 vacant POH
-Located in the Anniston/Oxford/Jacksonville Metro Area.
-Metro stats: 115k population, $40k median income, $109k median home price. Removed several trees throughout the property and probably a dozen homes that weren’t worth salvaging.

Park #2, IF SOLD SEPERATLEY $375K. 30 Lots, Weaver MHP
1306 Russell Rd, Weaver Al 36277
Parcel 1803050003061001
taxes $707, in 2019
3.5 miles to Super Walmart
2 homes per septic.
5.43 acres
Brand new PEX piping from the city main to each home, and new city water meters direct-billed to tenants. Meters are in the process of being set this and next week. New road base was put down on all roads, which finished 2 weeks ago. $100k was spent on infrastructure.

Three existing tenant-owned homes are paying $275/month lot-rent only. 1 tenant is paying $275(lot)+$150(home)=$425. $1250 in income currently.

Bring in 25 new 16x60, 3/2 and fill with buyers at $700-$750/month. I can show you how to bring them in with zero out of pocket. Lot rent will be $395.

Proforma gross could be close to 303k if 90% filled. Value with 35% expenses will be around $2M @10CAP

The plan was to remove all homes and start over with new homes. Four tenants were left in place because they were current and 3 of them owned their homes, although the homes are rough-looking.

Lots are spacious and ready for new homes. Park was previously full of houses in disrepair and all homes were removed earlier this year. There is also an abandoned double-wide on the property and a stick-built building. You can see them as well in the enclosed pics.

Together with Shady Grove, that would be 71 lots in the same marketplace 10min from each other and could be managed by one manager. The park is surrounded with stick built neighborhoods.

Population within a 25 radius is 1,658,936. https://www.freemaptools.com/find-population.htm

Location

level to slight slope

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Park Information

Community Type: All Age
Number of MH Lots: 71
Total Occupancy: 50.0 %
Average MH Lot Rent: $250
Size: 10 acre(s)

Financial Information

Operating Expense $40
Debt Info

Lot Information

Singlewide Lots: 37
Doublewide Lots: 3
Triplewide Lots: 1

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

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