Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 10.0%
  • Property ID: 1380746
  • Posted On: Jan 18, 2021
  • Updated On: Mar 4, 2021

Property Description

INVESTMENT OPPORTUNITY - Cap Rate 10% on Proforma NOI, plus value of 4.5 acres additional land ready for development. Friendly Prairie and Friendly Prairie South. Beautiful rural location mobile home park, plus 240 to 380 square foot small home rentals on 21-acres in Johnson County, Missouri, located on Business Highway 13 approximately 1.5 miles south of the City of Warrensburg. Friendly Prairie is a 17 Lot mobile home park. Friendly Prairie South is a 12 Lot Small Homes development.

Friendly Prairie consists of: 1 Lot with Modular Home; 4 Lots with Mobile Homes; 2 Vacant Lots; 1 Lot w/Tenant Owned Home; 1 Lot with Duplex; 8 of the 17 total lots are privately owned and connected to the wastewater system.

Friendly Prairie South consists of: 10 Lots with Small Homes; 1 Lot with Single Family Home; 1 Undeveloped Lot and 4.5 Acres of Undeveloped Land suitable for expansion to generate additional income. Price is based on a 10% cap rate of Proforma NOI, plus the value of the approximate 4.5 acres of undeveloped land.

Monthly rental rates range between $600 and $1,000. Occupancy is currently at about 83% and improving. At this occupancy total monthly rent calculates to $11,300. A sewer fee has recently been implemented, which will increase annual income by approximately $5,700.

Electric and water utilities are public. For wastewater, the property has a 3-cell lagoon system, with a new lateral field under construction.

Being offered separately for $150,000 is an adjacent 1.56 acre land tract with highway frontage ready for development – possibly for commercial use or multi-tenant housing.

There is partial management on-site, making ownership semi-passive in nature. This opportunity offers potential for growth and immediate cash flow. The seller wishes to retire and is ready and motivated to sell.

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

Park Information

Community Type: All Age
Number of MH Lots: 21
Total Occupancy: 83.0 %
Average MH Lot Rent: $650
Size: 21 acre(s)

Financial Information (Pro Forma)

Gross Income $136,500
Net Operating Income $71,000
Debt Info

Utility Information

Water: City
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 17

Download Documents

Similar Mobile Home Parks for Sale