Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.0%
  • Listing ID: 1626755
  • Posted On: Mar 18, 2022
  • Updated On: Jun 13, 2022

Description

Unit Breakdown
Duplex – Each 1br 1 ba Rents are $650 and $645 per month.
Two park owned homes so rent on the home not on the space rent. Each 2 br 2 ba Rents are $750.00 and $1,095.00.
13 rented spaces average $440 per month.
Total income $8865 per month.
NOI $73,380 per year.
Price $1,225,000
City Sever
Central water system fed by well for domestic water. No issues with water system. Tested monthly.
Individually metered electric and tenants supply their own propane.
6 & 11 are park owed, 6 & 7 are on the Rail road property ($6,000/year lease). Two of the mobile homes, one park owned and one individually owned, are on Union Pacific land and we pay UP rent twice a year. We have created an easement on the adjacent parcel so the mobiles can be relocated and the land rent will go away.
Most units have their own meter. Three have a submeter that we bill.

Location

Great location, north part of town where millions of square feet of industrial properties are being built.

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Park Information

Number of MH Lots: 17
Total Occupancy: 100.0 %
Size: 2 acre(s)

Financial Information (Actual)

Gross Income: $106,380
Operating Expense: $32,978
Net Operating Income: $73,402
Expense Ratio: 31.0 %

Lot Information

Singlewide Lots: 13
Doublewide Lots: 4

Utility Information

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