Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.9%
  • Property ID: 1523136
  • Posted On: Sep 28, 2021
  • Updated On: Feb 8, 2023

Property Description

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Community Video Link:

Offering Memorandum Link:

Wisely Commercial Realty is pleased to offer for sale Two manufactured housing communities with a total of 66 sites located Northeast of Lafayette, Indiana. Both communities have City Water & City Sewer, even better the providers direct bill the residents which reduces the expense for an operator. Meado Vu MHC has 22 sites and is in Brookston, IN. River Terrace MHC has 44 sites and is in Rennselaer, IN. A new operator can come in and fill the vacant sites with new homes to increase the cash flow. 18 homes are included in the sale, 15 of them are occupied and paying rent.

• Communities are located only 30 miles from each other
• City Water & City Sewer. Bills are direct billed to the Residents
• 18 parked owned homes included in the sale
• Opportunity to increase occupancy by infilling the vacant site

Communities List Price: $1,350,000
Homes List Price: $265,000
Total List Price: $1,615,000
Combined NOI: $160,541
Combined Cap Rate: 9.9%
Community Only NOI: $100,969
Community Only Cap Rate: 7.5%
Total Sites: 66
Occupied Sites: 41
Occupancy: 62%
Park Owned Homes: 18

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Park Information

Number of MH Lots: 66
Total Occupancy: 62.0 %
Size: 20 acre(s)

Financial Information (Actual)

Gross Income $187,553
Operating Expense $27,012
Net Operating Income $160,541
Expense Ratio 14.4 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 18


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