Contact Information

Mobile Home Park Details

  • Price: $165,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 5.7%
  • Property ID: 1475624
  • Posted On: Jul 12, 2021
  • Updated On: Sep 15, 2021

Property Description

This mobile home park features 17 pads with public utilities. There are currently 11 owner occupied homes on site, and one vacant home that can be reclaimed by the park. Current ownership pays for water, sewer, and garbage service. The current lot rent of $200 is well below the market average in the area which sits at $300-$325, offering upside for a new owner.

Location

The park is located in Mt Pleasant, Iowa the county seat of Henry County. The current population is just below 9,000, and the area has a solid demand for affordable housing.

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Park Information

Number of MH Lots: 17
Total Occupancy: 71.0 %
Year Built: 1964
Average MH Lot Rent: $200

Financial Information (Actual)

Gross Income $24,265
Operating Expense $14,927
Net Operating Income $9,338
Expense Ratio 61.5 %
Debt Info

Lot Information

Singlewide Lots: 17

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0

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