Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, Assumable Loan
  • Cap Rate: 18.0%
  • Property ID: 1454931
  • Posted On: Jun 8, 2021
  • Updated On: Sep 13, 2021

Property Description

This park has extreme value-added because there is work to be done immediately. There is no profit and loss statement or rent-roll. Payment terms are $250,000 cash or private lender third-party financing loan assumption. Terms are $75,000 down with 10.9% interest rate on the balance of $175,000. This park is priced for a quick 3-day inspection and a 21-day close. This park is priced for a quick 3-day inspection and a 21-day close.

ALL utilities including electricity, water, sewer and trash are billed directly to the tenants.
23 Total Lots
15 Occupied Pads
10 Park Owned Homes - $450/Month
5 Lot Rentals - $250/Month (Park Owned Titles)
All homes were built in the 90s. Most units are 3 bedrooms. Only 2 are 2 bedroom homes.
8 vacant pads have water and sewer taps.
All Titles are free and clear with no lien holder.

CDC Covid-19 Eviction Hault: March of 2020 began the CDC Eviction hault. So, the tenants that have had loss due to Covid-19 and are/have been protected under CDC Declaration. We have signed up willing tenants for the Emergency Rental Assistance Alabama program (https://eraalabama.com/) to fund the past due rent, 3 months future rent (from date of approval) and also protect them from eviction while the case is open. Each tenant that has completed an application has a case number and is in the review stage of the program. They are protected from eviction until their individual case is either funded or closed. The tenants that do not have a case number next to their name are not participating in the CARES program and can be evicted as of August 1st unless they pay their arrearages.

Cedar Bluff mobile home park for sale in well-located area on AL-9. Nearby retail anchors, such as Walmart and Piggly Wiggly reside nearby as do multiple and established residential neighborhoods.

Location

Parcel: 10-08-27-0-000-044.000
Legal Description: BEG NW COR NW/4 SE/4; S 1310';E 50';NE 120';ELY 306.72';N 1050';W 360'TO POB

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Park Information

Number of MH Lots: 23
Total Occupancy: 100.0 %
Year Built: 1997
Average MH Lot Rent: $450
Size: 9 acre(s)

Financial Information (Actual)

Gross Income $66,000
Operating Expense $19,800
Net Operating Income $46,200
Expense Ratio 30.0 %
Debt Info

Lot Information

Singlewide Lots: 12
Doublewide Lots: 3

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $450