Contact Information

Mobile Home Park Details

  • Price: $550,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1530045
  • Posted On: Oct 5, 2021
  • Updated On: Oct 5, 2021

Property Description

This mobile home park portfolio features 22 lots and is located in Southeast, IA in the towns of Donnellson and Rome, IA. The properties are approximately 30 minutes from each other offering new ownership additional scale of management. The current portfolio manager lives in the Rome, IA park and assists with point of contact work, offering both local and out of state investors an easy transition.

This portfolio offers upside in current lot rents. Current competitors in the area are consistently charging in the high $200s to mid $300s per month.

It also offers a good opportunity for new ownership to sell off the park owned homes to minimize expenses, while making a higher profit for several years through contract sales.

The park streets for both properties are owned and maintained by the respective cities, and water/sewer are direct billed in Rome, and billed back to tenants in Donnelson. This offers new ownership minimal fixed expenses, which will translate to higher immediate returns with all future lot rent increases.

Location

The properties are located approximately half an hour from one another in the towns of Rome, IA and Donnellson, IA. Both properties have solid highway access to larger population centers such as Fairfield, IA, Mt Pleasant, IA and Burlington, IA. This offers simple and quick commutes to residents of each community while offering more affordable living.

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Park Information

Community Type: All Age
Number of MH Lots: 22
Total Occupancy: 73.0 %
Average MH Lot Rent: $225

Financial Information (Pro Forma)

Gross Income $80,700
Operating Expense $32,520
Net Operating Income $48,212
Expense Ratio 40.3 %
Debt Info

Lot Information

Singlewide Lots: 22

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $490

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