Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 9.9%
- Listing ID: 1507672
- Posted On: Sep 2, 2021
- Updated On: Jun 6, 2022
Description
For more information please go to www.wiselycr.com for a link to the OM and video of the community.
Community Video: https://youtu.be/rW9FYmz42ys
Offering Memorandum Link: https://www.crexi.com/properties/666644/indiana-rhoades-mhc?offeringMemorandum=download
PROPERTY OVERVIEW
Wisely Commercial Realty is pleased to offer for sale Rhoades MHC located in Wabash, Indiana. Rhoades MHC consists of 32 approved home spaces situated on 16.5 acres of land. The property is serviced by a well for water and a mound system for the sewer. Because the community is on private utilities it allows the expense ratio to be lower than normal. 19 park owned homes are included in the sale. Strong demand for housing in the area. This is a quality stable community that would be great for a newer operator looking to get into the business.
INVESTMENT HIGHLIGHTS
• Stable Community with 97% occupancy
• Opportunity to increase lot rents, current lot rent is $275 which includes Water & Sewer
• Well maintained community
• 19 park owned homes included in the sale
Park Information
| Number of MH Lots: | 32 |
| Total Occupancy: | 97.0 % |
| Average MH Lot Rent: | $275 |
| Size: | 17 acre(s) |
Financial Information (Actual)
| Gross Income: | $158,574 |
| Operating Expense: | $31,623 |
| Net Operating Income: | $126,951 |
| Expense Ratio: | 19.9 % |
Lot Information
| Singlewide Lots: | 32 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
