Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 11.1%
- Listing ID: 1378442
- Posted On: Jan 13, 2021
- Updated On: Jan 16, 2021
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.
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 % |
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 |
