Contact Information

Mobile Home Park Details

  • Price: $430,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.0%
  • Property ID: 1564405
  • Posted On: Nov 29, 2021
  • Updated On: Nov 29, 2021

Property Description

With low overhead, zero park owned homes, and solid infrastructure, this park will make a great long term investment for a new owner. Lot rents in the area are $325+, leaving plenty of upside for a new owner through raising lot rent to the appropriate level.

The park features high pressure plastic sewer mains, a sealed asphalt road that is maintained entirely by the city, and room to develop another ten lots on the east side of the property. Tenants maintain their own yards and the city provides snow removal for the main road. Currently, the owners pay for sewer and trash service which are included in lot rent.

Location

This mobile home park is located less than 30 minutes from the Iowa City metro. The property has direct highway access to the local Tyson Foods Plant near Columbus Junction Iowa less than 10 miles from the park. The park has many long term tenants, and the area itself has a high demand for affordable housing.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 20
Total Occupancy: 100.0 %
Year Built: 1980
Average MH Lot Rent: $197
Size: 6 acre(s)

Financial Information (Actual)

Gross Income $44,364
Operating Expense $19,082
Net Operating Income $25,282
Expense Ratio 43.0 %
Debt Info

Lot Information

Singlewide Lots: 20

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 0

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