Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.5%
  • Listing ID: 1479786
  • Posted On: Jul 19, 2021
  • Updated On: Sep 25, 2021

Description

For sale by owner: High cash flow producing mobile home park in Jay, OK. Property is close to Jay Public School and Sam Hider Clinic, it includes 8.29-acres with utilities in place, 19 mobile homes, 4 spots ready to move a home on. Please contact for a full overview of financials but high-level numbers for 2020 include: 21 current spaces filled (2 are lot rents, trailer not owned), 2020 Revenue of $105.9K, 2020 full year collection rate of 85%. Priced at $630,000 which is a 10.5% cap rate on the 2020 pretax operating income. Maintenance man lives on site who takes care of landscaping and daily maintenance issues. Above numbers do not take into account of the ~6% rental increases put in place this July. We have kept very detailed books to show to serious inquiries only.

Location

Just north of Jay, OK

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Park Information

Community Type: All Age
Number of MH Lots: 21
Total Occupancy: 85.0 %
Year Built: 2000
Average MH Lot Rent: $420
Size: 8 acre(s)

Financial Information (Actual)

Gross Income: $106,000
Operating Expense: $40,000
Net Operating Income: $66,000
Expense Ratio: 37.7 %
Debt Info: Current mortgage on property

Lot Information

Singlewide Lots: 17
Doublewide Lots: 2

RV Information

Number of RV Lots: 2
Average RV Lot Rent: $225

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 19
Average Rent for Park-owned Homes: $440