Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 9.5%
  • Property ID: 1349030
  • Posted On: Nov 1, 2020
  • Updated On: Jan 31, 2021

Property Description

Unit mix
40 spaces-32 are occupied
3 APTS- All rented located at the front of the park
1 SFH VACANT NEEDS REHAB
$350 CURRENT LOT RENT
Mobile Home Park is an all-age community located 30 miles southeast of Chicago in Gary, Indiana and is minutes from retail, restaurants and a public schools
The property is serviced by city water and sewer which is
sub metered and billed back to the residents. Trash is billed to tenants.
2 LTO's and 4 rental homes are included in the sale price.
There are 3 Apts that are rented along with a single family home that is vacant.
All utilities are paid by tenants
SELLER WILL CONSIDER FINANCING WITH 50% DOWN
THIS IS A CONFIDENTIAL LISTING*
REDUCED TO 1.25M

Location

Located 25 minutes from Chicago metro.

Amenities

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

Park Information

Community Type: All Age
Number of MH Lots: 40
Total Occupancy: 85.0 %
Year Built: 1970
Average MH Lot Rent: $350
Size: 5 acre(s)

Financial Information (Actual)

Gross Income $180
Operating Expense $71
Net Operating Income $109
Expense Ratio 39.4 %
Debt Info NO ASSUMABLE DEPT

Lot Information

Singlewide Lots: 40
Park Model Lots: 0

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 4
Average Rent for Park-owned Homes: $700

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