Mobile Home Park Details
- Purchase Method: Seller Financing
- Cap Rate: 15.0% (Pro Forma)
- Listing ID: 17315
- Posted On: Oct 14, 2010
- Updated On: Dec 22, 2010
Description
NEW PRICE,NEW TERMS!!! Owner will finance @ 7% Fully amortized over 12 Years. No Banks to deal with!!! 50 space Mobile Home Park in the best location in Yuma. Park has an additional 3 houses. This property was just foreclosed on and the owners are offering a great deal in order to get it off their hands. Once this park is up and running the cash flow and cap rate will be incredible. 28% cash on cash with $125K down, if the new owner brought in Mobiles for rent the cash flow would even be better. This Park is being sold AS IS. At present there are 20 tenants. This vacancy factor is due to the foreclosure process. All financial numbers are based on what comparable parks in the area.Due to the fact that this property was just taken back in foreclosure there are no books or records.
The rents used in the pro forma are low for the area. Utilities are billed direct to the tenants. Park is on City water and sewer.
Location
Best location in Yuma, near all.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 50 |
| Average MH Lot Rent: | $225 |
| Size: | 2 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $149 |
| Operating Expense: | $42 |
| Net Operating Income: | $96 |
| Expense Ratio: | 28.2 % |
| Debt Info: | $500,000.@7% amortized over 12 years. Payable $5,975.00 monthly. |
Lot Information
| Singlewide Lots: | 8 |
| Park Model Lots: | 42 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 3 |
| Average Rent for Park-owned Homes: | $400 |