Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.4%
  • Property ID: 1503110
  • Posted On: Aug 25, 2021
  • Updated On: Feb 2, 2022

Property Description

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Wisely Commercial Realty is pleased to offer for sale five manufactured housing communities located Northwest of Fort Wayne, Indiana. Kozy Valley Estates has 22 sites and is in Albion, IN. Orchard Ridge Estates has 50 sites and is in Albion, IN. Pine Meadows Estates has 23 sites and is in LaOtto, IN. Pleasant Oaks Estates has 26 sites and is in Wolcottville, IN. Red Pine Estates has 48 sites and is in Albion, IN. All five communities are being sold as a portfolio.

• Stable Portfolio of Communities with Upside Increasing Rents
• Quality Park Owned Housing Inventory, 25 of the homes are less than Two years old
• Great Location NW of Fort Wayne, strong demand for Rentals
• All Five Communities are on City Sewer, Four of the Communities are on City Water

Communities List Price: $8,900,000
Homes List Price: $1,450,000
Total List Price: $10,350,000
Combined NOI: $865,097
Combined Cap Rate: 8.36%
Community Only NOI: $581,757
Community Only Cap Rate: 6.54%
Total Sites: 169
Occupied Sites: 161
Occupancy: 95%
Park Owned Homes Occupied: 131


Albion, Indiana

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Park Information

Number of MH Lots: 169
Total Occupancy: 95.0 %
Size: 27 acre(s)

Financial Information (Actual)

Gross Income $1,313,864
Operating Expense $448,767
Net Operating Income $865,097
Expense Ratio 34.2 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 131


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