Contact Information

David Boshart
Mobile Homes USA

Mobile Home Park Details

  • Price: $250,000
  • Purchase Method: Cash
  • Cap Rate: 13.0%
  • Property ID: 1364274
  • Posted On: Dec 4, 2020
  • Updated On: Jun 29, 2022

Property Description

I purchased this park about two years ago during the beginning of COVID to develop but given I am 82 and live in Fort Myers, Florida and have been unable to have excess funds available from my RV and Mobile Home Dealership in Florida to achieve my objectives with this park.

City Water & Sewer- 9 current mobile home spaces with all utilities along the perimeter and 30 RV Spaces laid out in the center. There is a strong demand for affordable housing for teachers and workers there at Marion Military Academy, Tekpak Manufacturing, NEW Perry County Prison System- Hunters from November to January and Tourists Year-round.

Phase 1 could be to develop the 30 RV spaces in the center of the park at an estimated cost of $2000/Space or $50,000 which at full occupancy should yield 30 x $400/mo. = $12,000 x 12 = $144,000 plus 9 x$500/mo =$4500 x 12 =$54,000 for the mobile home spaces =$200,000 annual less the lot development cost of $50,000 or $150,000 less estimated operating costs of $20.000 or $130,000.

Even If we allow for a 25% vacancy factor for the first full year
after development the park should still net in the $150,000 area
which would value the park at 10 x net or $1,500,000

I am therefore seeking a partner to develop the park have 9 mobile home spaces with all utilities including city water and sewer on the perimeter and room for 30 new RV spaces in the center of the property on which we have cut the trees and leveled the stumps.

Finally I own Mobile Homes USA which I formed in 2010 to buy, sell and trade RV's, Park Models and Mobile Homes so I can provide used RVs as needed to the park which we could sell to renters as an additional profit source.

David H Boshart
Mobile Homes USA

Location

Quite secluded park in suburban Marion

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Park Information

Community Type: All Age
Number of MH Lots: 9
Total Occupancy: 5.0 %
Year Built: 1982
Average MH Lot Rent: $400
Size: 3 acre(s)

Financial Information (Pro Forma)

Gross Income $150,000
Operating Expense $20,000
Net Operating Income $130,000
Expense Ratio 13.3 %
Debt Info 28,000 at 6% -monthly payment of $512.83 Assumable

Lot Information

Singlewide Lots: 6

RV Information

Number of RV Lots: 30
Average RV Lot Rent: $500

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 4
Average Rent for Park-owned Homes: $400

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