Contact Information

David Boshart
Mobile Homes USA

Mobile Home Park Details

  • Price: $375,000
  • Purchase Method: Cash, Assumable Loan
  • Land: This is land for developing a mobile home park
  • Cap Rate: 18.0%
  • Property ID: 1363596
  • Posted On: Dec 3, 2020
  • Updated On: Aug 18, 2022

Property Description

I am 83 years old and own Mobile Homes USA and bought this park for investment purposes to develop but live in Fort Myers, Florida and cannot accomplish all from this location. I am seeking a working partner or buyer to add 100 RV spaces to the existing park. at an estimated cost of $50,000 . We can also buy used RVs to rehab and sell or rent out to tenants in the park. $375K to partner and $650K OBO to buy outright

Southern Natural Gas Pipeline has announced a major repair project in Selma and may have up to 400 workers that need housing. In addition International Paper is starting a 6 month project starting in September with specialty workers coming in from all over- Estimated 100 workers for that project.

The park is located close to downtown Selma where there is a huge demand for affordable housing from RVs , Park Models and Mobile Homes and has a pond which we can develop around.

I also own Mobile Homes USA who is a active licensed dealer in Florida with our main sales lot in the Panama City area from which we have models on site which can be sold in the adjoining States of Alabama and Florida as well but we could proceed to get a separate license for this park in Alabama which I can apply for

I have paid to have the park subdivided so I can sell land and home packages in the park or use our spaces for rentals so I can offer land and home packages to potential buyers

We have a total of 13 spaces with utilities in front of the park that are surveyed to sell as individual lots or land-home packages and 6 large 1/3 acre lots on an adjoining property I purchased for cash.

We plan to develop the new 100 Unit RV Spaces around the pond and remove some of the trees and overgrown grasses. I have just paid to have water lines run to this section and we are laying out the septic drain fields now. Market rents for other smaller RV parks
in the area are $30-40 per night, $130-150/week and $400-450/month. Our plans are to buy, rehab and sell mobile homes
on the 18 subdivided spaces. For pro-forma projections $400/mo x 100 units would be $40,000/month - If we conservatively figure
only 50% occupancy to accommodate seasonality that would ve
$20.000/ mo less 25% for expenses $15,000/mo would still be
$180,000/year valuing the park at 10x Net or $1,750,000 from RV
rentals plus Mobile Home lots/homes at 19 x $20.000 per package would be another $380,000 and form an HOA to cover those expenses.

Location

Prime Acreage near Selma main city.

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

Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 10.0 %
Year Built: 1985
Average MH Lot Rent: $300
Size: 12 acre(s)

Financial Information (Pro Forma)

Gross Income $200,000
Operating Expense $50,000
Net Operating Income $150,000
Expense Ratio 25.0 %
Debt Info

Lot Information

Singlewide Lots: 13
Doublewide Lots: 6

RV Information

Number of RV Lots: 100
Average RV Lot Rent: $400

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 3
Average Rent for Park-owned Homes: $300

Download Documents

Other Listings by David Boshart

Similar Mobile Home Parks for Sale