Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Listing ID: 1706588
- Posted On: Jul 5, 2022
- Updated On: Jul 13, 2022
Description
24 space MHP located in strong market. 24 approved spaces with 22 developed and 2 partially developed. Community has 9 TOH, 9 LOP, 4 POH Rentals. Home inventory: 6 x 1980s, 5 x 1990s, 8 x 2000s. Have spent well over $100,000 developing lots, brining in homes, paving roads, rehabbing vacant homes. Current NOI is $75,100. Asking a 6.5% cap rate on lot rent only, 90 % value on note balances on LOPs, and shell value on 4 POHs. Almost all water lines have been replaced over the last 3 years. Pedestals are less than 5 years old, 200 AMP. Septic systems are majority 2 x 1 with some 1 x 1. Municipal Water which is billed back with remote read meters (run off cell phone towers automatically). 3 street side homes are connected directly to county water and billed directly.
Location
Forest City just south of highway 74
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 24 |
| Total Occupancy: | 92.0 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $369 |
| Size: | 3 acre(s) |
Financial Information
| Net Operating Income: | $79,100 |
Lot Information
| Singlewide Lots: | 24 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 4 |
| Average Rent for Park-owned Homes: | $650 |