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

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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