Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.0% (Actual)
- 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.
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 |