Contact Information

Mobile Home Park Details

  • Price: $995,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.1%
  • Property ID: 1468074
  • Posted On: Jun 30, 2021
  • Updated On: Sep 16, 2021

Property Description

41 acre heavily wooded manufactured house park, known as Whispering Timbers, 25 lots with private septic tanks, 8 with manufactured homes, 1 with a site built cottage. Rents reported to be $250 per month for vacant lots and vary for occupied lots with park owned homes. So, 16 lots have homes owned by the tenants, 8 lots have park owned mobile homes, and 1 lot has a site built cottage home. Park fully occupied at time of initial listing. Gently rolling park with mostly heavily wooded areas, good internal graveled rock type road, with good ditches and drainage system, lots are dispersed providing a very private, uncrowded living environment. Plenty of room for increasing density without crowding existing homes, and several open unoccupied areas well suited to adding / creating several dense living areas, increasing income of park without significant infrastructure. Storage building & storm shelter included. Income information and capitalization rate based on Owner-Operator actual cash expenses (owner cuts grass, etc. himself).

Location

From intersection of Main Street and Al Hwy 63 in downtown Eclectic, go north 0.13 miles, turn right on Central Avenue going north 1.27 miles, see Whispering Timbers Manufactured Home Park on the left. No FOR SALE sign on property.

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Park Information

Community Type: All Age
Number of MH Lots: 25
Total Occupancy: 100.0 %
Year Built: 2000
Size: 41 acre(s)

Financial Information (Actual)

Gross Income $108,720
Operating Expense $8,696
Net Operating Income $100,024
Expense Ratio 8.0 %
Debt Info

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 10

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