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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