Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.0%
- Listing ID: 1694456
- Posted On: Jun 17, 2022
- Updated On: Sep 9, 2022
Description
Cash Cow for sale. All Utilities (city water, sewage & trash pick-up) billed direct to tenants. Plenty of upside with 9 vacant lots and 3 park owned homes ready to be rehabbed. In addition, rents are low and can be raised.
Breakdown of Park: 42 Lots Total
*** 28 Tenant Owned Homes
*** 2 Park Owned Homes (rented)
*** 9 Vacant Lots ready for new homes
*** 3 Park Owned Homes Ready for Rehab (obviously not rented)
(FYI - 4 of the 28 tenant owned homes are on "rent to own notes of $85,000 total receivable". Taking those notes over can be negotiated)
The Professional Property Manager in place can do everything. Text, Phone, Email is all he needs from you...no need for you to travel to the park if you don't want to.
Property management fee, taxes and minimal upkeep of 2 park owned homes are your only expenses.
If you are not a serious buyer, please refrain from contacting me.
Location
This is the only Mobile Home Park in Tifton City limits that is allowed to bring in new homes.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 42 |
| Total Occupancy: | 75.0 % |
| Average MH Lot Rent: | $215 |
| Size: | 4 acre(s) |
Financial Information (Actual)
| Gross Income: | $92,000 |
| Operating Expense: | $17,000 |
| Net Operating Income: | $75,000 |
| Expense Ratio: | 18.5 % |
Lot Information
| Singlewide Lots: | 40 |
| Doublewide Lots: | 2 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 2 |
| Average Rent for Park-owned Homes: | $500 |
