Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1340832
  • Posted On: Oct 15, 2020
  • Updated On: Feb 25, 2021

Property Description

For more info:
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 142k if filled. Value with 30% expenses will be around $1M @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.

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

Other Listings by P

Similar Mobile Home Parks for Sale