Contact Information

Mobile Home Park Details

  • Price: $699,000
  • Cap Rate: 8.7%
  • Property ID: 1387119
  • Posted On: Feb 1, 2021
  • Updated On: Apr 27, 2021

Property Description

The Colliers Midwest Manufactured Housing Group is pleased to present Fairmount MHC, a 54 site Manufactured Home Community located in Fairmount, Indiana.

Geographically, the city of Fairmount is in a great location: Residents are only a 60 minute drive to Fort Wayne and 75 minutes from downtown Indianapolis. Local market demographics boast a population of nearly 200,000 within a 20 mile radius, with the median home value totaling $104,000. The largest employers in the surrounding area include General Motors, Walmart Distribution Center Marion General Hospital, American Woodmark, Dollar General Distribution Center and several colleges including Taylor University and Indiana Wesleyan University.

Fairmount MHC is an all-aged community made up of 11 parcels and 54 sites. There are 11 resident owned homes, 15 community owned homes (8 are rented, three are rent ready, three are vacant and one office), 10 homes that need to be demolished, five abandoned homes and 13 empty sites. Residents are billed back for city water and sewer by Universal Utilities every month. American Electric & Power provides electrical service to each 100 or 200 amp meter and Vectren Gas provides natural gas service, both of which are direct billed to the residents. Republic Services picks up the individual receptacles once per week, which is charged back to residents at $13 in addition to the rent.

A new operator has the opportunity to immediately add value by leasing/selling three rent-ready homes and renovating and leasing/selling the additional eight homes.

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

Park Information

Community Type: All Age
Number of MH Lots: 54
Total Occupancy: 76.0 %

Financial Information (Pro Forma)

Net Operating Income $77,132
Debt Info

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 15

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