Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 6.5% (Actual)
- Listing ID: 1525206
- Posted On: Sep 30, 2021
- Updated On: Feb 2, 2022
Description
Owner financing available on this 10-unit mobile home park. Units have been reconditioned and include 8 mobile homes, one 2200 sf 3 bdrm 2 ba home with 2 car garage, an additional 1 car garage for storage, and an efficiency. This property is a cash cow grossing machine producing more than $100,000 per year at 6.5% Cap. Many of the rents have not been raised in 3 yrs. At market rents this park will operate at 7.7% CAP rate. All homes have had extensive remodeling. Park models include 3 three bdrm 2 bath homes, 1 two bdrm 2 bath home, 5 two bdrm 1 bath homes, and one efficiency. All models including efficiency have washers and dryers and solid surface flooring. No carpet. All models are owned by park. 100% leased! Owner financing available with 25% down.
Amenities
- Storage
Park Information
| Number of MH Lots: | 10 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1990 |
Financial Information (Actual)
| Gross Income: | $104,916 |
| Operating Expense: | $46,134 |
| Net Operating Income: | $56,160 |
| Expense Ratio: | 44.0 % |
Lot Information
| Singlewide Lots: | 8 |
| Doublewide Lots: | 2 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 10 |
RV Information
| Number of RV Lots: | 0 |
| Average RV Lot Rent: | $0 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 10 |
| Average Rent for Park-owned Homes: | $874 |