Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.9% (Actual)
- Listing ID: 1651181
- Posted On: Apr 19, 2022
- Updated On: Dec 13, 2022
Description
The current owner acquired the Florence Homestead
land with a recorded well agreement in 2008/2009.
He thought that the land had great potential for
residences based on its location on Highway
79.
The property shares a common well with an
unimproved parcel to the north. When the common
well was completed, only one Manufactured
Home existed. The owner went on to remodel the
existing unit and over the last 3 years added 3 more
Manufactured Homes and remodeled them as they
were added. The owner built the existing electronic
entry/gate, the compacted millings driveway
and enclosed backyards to give the Florence
homestead its current charm.
Each house in the Florence Homestead is on a separate parcel so
houses can be sold individually in the future or kept
as rentals for increasing cashflow. Please check out
the property brochure for more information.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 4 |
| Total Occupancy: | 100.0 % |
| Year Built: | 2008 |
| Size: | 5 acre(s) |
Financial Information (Actual)
| Gross Income: | $67,800 |
| Operating Expense: | $5,565 |
| Net Operating Income: | $62,235 |
| Expense Ratio: | 8.2 % |
Lot Information
| Doublewide Lots: | 4 |
Utility Information
| Water: | Well |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 4 |
| Average Rent for Park-owned Homes: | $13,501,500 |