Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.1%
  • Property ID: 1378442
  • Posted On: Jan 13, 2021
  • Updated On: Jan 16, 2021

Property Description

Beautiful mobile home park located in Johnson City, TN situated on 5.21 acres. The park is approved for 19 lots and another mobile home can be installed. Each tenant pays their own electric and water to local utility departments. Mobile homes are on septic system and field lines have been well kept. The City has a sewer line near the road that can be tied into. Park pays for the trash which is a dumpster at the front of the park through Johnson City waste department. Tenants mow their own lots and another tenant mows the front entry. A brand new Clayton home has been installed at the entrance of the park. Monthly rental income $6,150 based on 11 lot rents at ($200/lot) $2,200 and 7 park owned at $3,950. Rents are well below market prices. Monthly Expenses: $152 Trash, $55 electrical for street lights. Annual Expenses: Taxes $1,874.07, Insurance $2,622.68.

Location

The park is situated off a main thoroughfare between Johnson City and Jonesborough and very close to hospitals, Walmart, ETSU college, and many other places.

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Park Information

Number of MH Lots: 18
Total Occupancy: 100.0 %
Year Built: 1980
Average MH Lot Rent: $341
Size: 5 acre(s)

Financial Information

Gross Income $73,800
Operating Expense $6,981
Net Operating Income $66,819
Expense Ratio 9.5 %
Debt Info

Lot Information

Singlewide Lots: 18
Park Model Lots: 11

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 7
Average Rent for Park-owned Homes: $564

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