Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing
  • Cap Rate: 11.9%
  • Property ID: 1395928
  • Posted On: Feb 20, 2021
  • Updated On: Mar 31, 2021

Property Description

Since our purchase in 2014, we have continued to improve, upgrade and bring more mobiles to the park. It is one of the nicer ones in the town.
The park has 20 sites of which 11 are occupied. We have 2 levels of lot rent: Average lot is $290 and Premium is$350.
There are 3 Park Owned rentals and 2 Rent to Own contracts.
The property has 20 acres so expansion of the park is very possible.
Our onsite manager does the mowing, most of the handyman work and has lived on property for over 6 years. Many of our residents are long term. We have on that has been in the park since before we purchase it--over 15 years.
There is a 24” x 40” Two story storage barn included. This is great for storing equipment, supplies, and any vehicles.
The Engineered Septic system has been replaced and updated in 2018
NO Well! Municipal Water—no maintenance. Each resident pays their bill.
Owner will finance with $175,000 down

Location

Located in upstate NY. The town of Gouverneur has a little over 7,000 people. There is a large need for affordable, nice places to live.

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Park Information

Community Type: All Age
Number of MH Lots: 20
Total Occupancy: 60.0 %
Size: 20 acre(s)

Financial Information (Actual)

Gross Income $62,280
Operating Expense $9,849
Net Operating Income $52,431
Expense Ratio 15.8 %
Debt Info

Lot Information

Singlewide Lots: 19
Doublewide Lots: 1

RV Information

Number of RV Lots: 1

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $678

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