Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 2.5%
  • Listing ID: 1673583
  • Posted On: May 21, 2022
  • Updated On: Aug 4, 2023

Description

Here Is A Nice Long Established Park With No Park Owned Trailers & Their Associated Problems.-----> With A Rent Increase AND The New Owner Managing & Collecting Rents/Doing Maintenance/Grass Cutting/Trash Pickup/Cleaning this Park IS Capable of A Solid Cap 10. Tenants Have not had a Rent Increase in at least 10 years. Very Capable & Honest Long Term (10+Year) Manager Currently Collects Rents/Pays Bills/Organizes Repairs & Cleaning/Grass Cutting. Several Immediately Ready To Rent Pads With Recently Upgraded 100 AMP Service as per city requirements. New Sewer Line on Lot 9 Lower Level. Advertise-work with New Prospective Tenants and this park could be Filled to Capacity. Water, Sewer, Gas & Power Are Direct Billed from Utility Providers. City Sewer System so No Fighting with Septic Tanks, Treatment Plants & Germy Mess... New 4 Gang Electrical Panel On Upper Level last year. House has been Totally Cleaned Out, Disinfected/Sanitized, and will have basement walls repaired and new Flooring Installed Over the Summer. This will add an additional 500$ A Month to the Gross Take. Strong Past Interest From Potential Tenants in Renting this house. There is a Barn onsite with Exixting Power(Unknown Amerage/Capacity) that can be torn down for around 1,500$ and would then make an Excellent Extra Lot. Also a Cement Block Storage Shed that could bite the dust- and have an extra lot in it's place. There is also an Unused Lot Infront/Beside the House. Finally There is Room For Around 6 Additional New Lots to be created in the middle of the lower level. A Dump Truck of Gravol was Installed last year on the lower level and more will be installed on the upper level this Summer. Mineral Rights Transfer to the New Buyer. There is a Very Good Possibility of Gas within 1,200 Feet Depth. Cowley County is Home to Oil & Gas at less then 200 Feet TD. This would be an Interesting Prospect to Drill that is for sure. I have owned this park since May 2014, And It has treated me well.

Location

SEC.23, TWP.34, RGE.03. N466.93 Of E466.93 SE 1/4 Less ROW.

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Park Information

Community Type: All Age
Number of MH Lots: 27
Total Occupancy: 74.0 %
Year Built: 1950
Average MH Lot Rent: $110
Size: 5 acre(s)

Financial Information (Actual)

Gross Income: $26,160
Operating Expense: $10,510
Net Operating Income: $15,650
Expense Ratio: 40.2 %
Debt Info: Paid In Full. No Debt.

Lot Information

Singlewide Lots: 23
Doublewide Lots: 4

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $0

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