Contact Information

William Grant

SWG Holdings LLC

Mobile Home Park Details

  • Price: $630,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1370377
  • Posted On: Dec 20, 2020
  • Updated On: Jan 18, 2021

Property Description

78-space park located in the college town of Kirksville, MO. Park operates on direct bill city utilities, boast city owned/maintained streets, city trash pickup, and city owned sewer mains. In addition, the gas company owns all lines within the park. The setup does not get any better. There are currently 39 active spaces rented @ $195, 1 space @ $120, one pending eviction, and four abandoned homes. Two tenants are currently behind on rent. Tenant's pay all utilities and mow their own grass. Park was under Mom and Pop ownership for 30 years and financials are limited, but current rent collection can be documented. Tenants are good people, pay on time, and keep to themselves. Please note, this park does need some work and could greatly benefit from a home beautification program and an active manager to enforce debris and home appearance standards, but our offering price suggest this. Ideally, it needs an investor to bring in new homes and slowly phase out the older ones. The income is in place and the infrastructure and tenant base allow for a slow progression while offering a great cash on cash return. Park is set on 20 acres of prime commercial real estate and includes a large office building that could be repurposed to generate income based on the location. This is the best priced park with this setup in the country and it will not last long. No owner financing. Park has been heavily reduced for a quick sale.

Location

Kirksville, MO boasts two Universities, a stable population base, and is anchored by retail powerhouses that include Hobby Lobby, Walmart, Home Depot, Menards, Chick fil’A, Starbucks, Petsmart, and Marshalls.

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Park Information

Number of MH Lots: 78
Total Occupancy: 51.0 %
Year Built: 1970
Average MH Lot Rent: $195
Size: 20 acre(s)

Financial Information

Gross Income $92,700
Operating Expense $9,319
Net Operating Income $83,381
Expense Ratio 10.1 %
Debt Info

Lot Information

Singlewide Lots: 78

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

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