Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 12.8%
- Listing ID: 1393106
- Posted On: Feb 14, 2021
- Updated On: Feb 24, 2021
Description
Park Website: http://www.liveatrfi.com/
*additional documents - downloadable at bottom of page under map*
Available for assignment at $300,000
Address: 3311 36th Street Tuscaloosa AL 35401
Parcel ID: 63 31 08 33 1 021 001.000
15 occupied mh pads (6 Park owned Homes, 3 3/2s and 3 2/1s, 4 '90's models with titles, 1 '78 model BOS included, 1 not sure year BOS Included), + 1 rented stick built house (rents for $515/mo). City water city sewer direct billed, Paved Roads (need work but asking price reflects large discount), no infill potential.
9 lot renters currently at $150-175, Market is $350 (confirmed through associate who has a 325pad in the area)
Rent roll (Attached below) - I were holding I would raise lot rents to $250 effective immediately, which equates to $45,000 gross lot rent per year NOT INCLUDING additional income from the site built house or LTO payments.
Pictures of some POH's and TOH's:
https://app.companycam.com/galleries/vL6NhgRR
Location
3.5mi or 9min drive to The University of Alabama! Strong job market, population growth, and high demand for affordable housing. Park is 2 blocks away from Shelton State Community College.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 15 |
| Total Occupancy: | 100.0 % |
| Average MH Lot Rent: | $155 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $52,471 |
| Operating Expense: | $14,210 |
| Net Operating Income: | $38,261 |
| Expense Ratio: | 27.1 % |
Lot Information
| Singlewide Lots: | 15 |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 6 |
| Average Rent for Park-owned Homes: | $555 |
