Contact Information

Mobile Home Park Details

  • Price: $850,000
  • Purchase Method: Cash
  • Cap Rate: 6.2%
  • Property ID: 1414434
  • Posted On: Mar 29, 2021
  • Updated On: Apr 6, 2021

Property Description

Great cash cow in the center of stable and expanding new employment centers - just 40 minutes from the new Lucid EV car plant in Casa Grande , Arizona.
Spacious lots in small town between 2 big cities , strong services, strong expanding employment base. Low taxes, low vacancy, and low maintenance . EXECUTIVE SUMMARY
FOUR Fully occupied single family manufactured homes earning consistent, steady, top rents. All tenant leases and applications are on file with strong employment and background checks , professionally managed by a local property manager. Florence Homestead is in the highly desirable Florence school district. Heart of the Arizona Department of Corrections, federal corrections, and private corrections employment centers are just minutes away. Close to shopping and hospitals. Walmart is 9.3 miles away. Downtown quaint historic Florence within 1 mile, and all the Pinal County government employment centers. Florence is the county seat of Pinal county. Only 40 minutes to the new Lucid Motors plant in Casa Grande. High tenant demand for this 1.25 acre lot product offering privacy and open space. Development is fully enclosed with a fence and remote control electronic steel security gate and secure parcel drop box for tenant delivery convenience. All the units have been recently updated with new paint and hard goods/tile floorcovering, and some homes with granite countertops and new cabinets. All the units are double wide pitch roofed, with siding and masonry skirted and ground set with attached concrete slab patios built with framed porches. HVAC systems are strong and regularly maintained. Solid roofs, recent paint, new window coverings, underground irrigation systems to established landscaping . All the homes have enclosed steel fenced backyards to keep children and pets safe. Private individual compacted millings driveways service each home. Fresh well water on a private well currently servicing only these four homes. Common trash dumpster on property within secured fenced development. This asset is a strong income earner in the middle of steady employment centers located between Arizona's two major metropolitan areas. All of Pinal county is poised for explosive growth. Get in on this solid cap rate investment with strong future upside before it is gone !
Hidden cap rate bonus : Current owner does not allow horses and RV's. New management criteria , allowing tenants to have these, could reap thousands of dollars of additional annual revenue accommodating RV/horse tenant needs.
Hidden rezone bonus: Property is zoned GR now. With a Pinal County rezoning the density could be increased, and the yield increased while the property continues to earn money !
Hidden client owner occupant bonus: Leases are all staggered, so if your client wants to move in and live in one home, they can, while they enjoy sweet country life in a second or primary home, with clean private water and bright sunshine.
PROPERTY FACTS
Price $850,000 Building Class B
Price Per Unit $212,500 Lot Size 5.14 AC
Sale Type Investment Building Size 5,769 SF
Cap Rate 6.16% Average Occupancy 100%
No. Units 4 No. Stories 1
Property Type Multifamily Year Built/Renovated 1998/2021
Property Subtype Manufactured Housing/Mobile Home Parking Ratio 1.39/1,000 SF
Apartment Style Garden Opportunity Zone No
UNIT AMENITIES
Air Conditioning
Dishwasher
Microwave
Storage Space
Washer/Dryer Hookup
Heating
Ceiling Fans
Tile Floors
Eat-in Kitchen
Granite Countertops
Hardwood Floors
Vaulted Ceiling
Refrigerator
Stainless Steel Appliances
Range
Tub/Shower
Walk-In Closets
Yard
Linen Closet
Patio
Porch
SITE AMENITIES
Fenced Lot
Gated
Package Service

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Park Information

Community Type: All Age
Number of MH Lots: 4
Total Occupancy: 100.0 %
Year Built: 1988
Average MH Lot Rent: $1,325
Size: 5 acre(s)

Financial Information (Actual)

Gross Income $63,600
Operating Expense $11,240
Net Operating Income $52,360
Expense Ratio 17.7 %
Debt Info private, possibly assumable

Lot Information

Singlewide Lots: 0
Doublewide Lots: 4
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 4
Average Rent for Park-owned Homes: $1,325

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