Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 7.1%
  • Property ID: 1686212
  • Posted On: Jun 7, 2022
  • Updated On: Feb 8, 2023

Property Description

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Community Video Link:

Offering Memorandum Link:

Wisely Commercial Realty is pleased to offer for sale Lake Park Estates located in South Whitley, Indiana. South Whitley is located approximately 28 miles West of Fort Wayne. Lake Park Estates consists of 120 approved home spaces; 52 sites have been developed and 68 sites have been planned out but not developed. The community is situated on 56 acres of land. The property is serviced by City Water and City Sewer and is direct billed to the Residents. A new owner can come in and fill the remaining vacant sites.

• 52 Developed Sites & 68 Planned Sites
• City Water & City Sewer Direct Billed to Residents
• Strong Demand for Housing in the immediate area
• Located approximately 28 miles West of Fort Wayne
• Ability for a new owner to continue filling the vacant sites with new home

Community Price: $1,350,000
Park Owned Homes: $700,000
Expansion Land: $510,000
Total Price: $2,560,000
Community NOI: $95,863
Community Cap Rate: 7.1%
Price Per Site: $11,250
Approved Sites: 120 (56 Developed)
Economic Occupancy: 75% (Developed Sites)
Park Owned Homes Occupied: 13
Inventory Homes: 2
Total Park Owned Homes: 15

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Park Information

Number of MH Lots: 120
Total Occupancy: 75.0 %
Year Built: 2000
Size: 56 acre(s)

Financial Information (Actual)

Gross Income $132,849
Operating Expense $37,166
Net Operating Income $95,683
Expense Ratio 28.0 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 15


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