Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 6.8%
  • Property ID: 1588490
  • Posted On: Jan 20, 2022
  • Updated On: May 16, 2022

Property Description

**Under Contract

Now accepting backup offers

Stabilized park with great upside potential! 43 Occupied lots with permitting and infrastructure in place for 49. Below market lot rents at 280/month. Approximately 60/40 split with park owned homes vs tenant owned homes.

City water and sewer!

The park is located near multiple major manufacturing businesses including Roper, Shaw, Nissan Brake, Unique Fabrication, and more which create a steady flow of working tenants. The park is also right across the street from a Walmart!

Great value add opportunity by raising rents to market and filling empty lots!

Location

Lafayette GA

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Park Information

Community Type: All Age
Number of MH Lots: 49
Total Occupancy: 90.0 %
Average MH Lot Rent: $280

Financial Information (Actual)

Gross Income $217,668
Operating Expense $102,726
Net Operating Income $114,942
Expense Ratio 47.2 %
Debt Info

Lot Information

Singlewide Lots: 49

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 23
Average Rent for Park-owned Homes: $600

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