Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 4.3%
  • Property ID: 1732085
  • Posted On: Aug 11, 2022
  • Updated On: Dec 30, 2022

Property Description

This mobile home park provides an opportunity for a quick return on your investment. Current monthly rental income is at $2,825.00 for just 6 of the possible 14 homes. The income statements depict 5-year rent-to-own contracts (8 upon purchase of property and 6 starting at year 2). Then $300/month for lot rent per trailer starting in year 7.

Location

Donnellson, Iowa has a population of nearly 900 people. Of those residents, 36% of them currently rent their homes at an average rate of $659.00/month. The median single-income of a Donnellson resident is $25,938, while the median family-income is $44,333. Donnellson is located in Lee County which primarily employs those in the manufacturing, healthcare/social services, and retail sales industries.

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Park Information

Community Type: All Age
Number of MH Lots: 14
Total Occupancy: 43.0 %
Year Built: 1984
Average MH Lot Rent: $470
Size: 1 acre(s)

Financial Information (Actual)

Gross Income $22,112
Operating Expense $11,605
Net Operating Income $10,661
Expense Ratio 52.5 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $470

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