Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.0%
  • Property ID: 1714796
  • Posted On: Jul 18, 2022
  • Updated On: Oct 25, 2022

Property Description

PRICE REDUCED TO $2,750,000

Wisely Commercial Realty is pleased to offer for sale Emerald III located in Muncie, Indiana. Emerald III is situated on approximately 19.2 acres of relatively flat topography. Located to the southwest of downtown Muncie, the community has fantastic exposure from Route 32 (Kilgore Ave) and is surrounded by a residential neighborhood and a vacant industrial site to the south, vacant land to the east, small businesses to the west and wooded land to the north.
Emerald III has a total of 102 home sites, 100 MH Spaces and 2 Apartment Units. The property has city water that is direct billed to the residents and city sewer. Opportunity for a Buyer to bring in new homes and fill the vacant sites.

INVESTMENT HIGHLIGHTS
• Community In-Fill Opportunity
• Direct Billed City Water to Residents & City Sewer
• Located in the Highly sought-after Yorktown School District

Price: $2,750,000
Community In-Place NOI: $102,498
Cap Rate: 6.0%
MH Spaces: 100
Apartment Units: 2
Number of Spaces: 102
Occupancy: 33% (34)
AVG Lot Rent: $320
Land Size: 19.2 Acres

Community Video: https://youtu.be/__o9rN7h1ww

Offering Memorandum Link: https://www.crexi.com/properties/864524/indiana-emerald-iii?offeringMemorandum=download

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 102
Total Occupancy: 33.0 %
Size: 19 acre(s)

Financial Information (Actual)

Gross Income $146,157
Operating Expense $43,659
Net Operating Income $102,498
Expense Ratio 29.9 %
Debt Info

Lot Information

Singlewide Lots: 100

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 11

Video

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