Contact Information

Mobile Home Park Details

  • Price: $450,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 12.2%
  • Property ID: 1740269
  • Posted On: Aug 22, 2022
  • Updated On: Aug 24, 2022

Property Description

This property has 18 tenant owned homes and one single-family rental. Lot rent is $300 per month and the single family home is rented for $800 per month. In addition to mobile homes and one single family home, this property has 12 storage units that tenants rent out for a total of $581 per month.
The property's sewer lines are Orangeburg Sewer lines and the property is serviced by a private septic lateral system. The sewer lines were scoped less than two years ago and are still intact and working properly, however given the construction material, new ownership should budget for eventual repair and replacement of the property's sewer lines.

Location

Davenport, IA is part of the Quad Cities (Davenport, IA, Bentendorf, IA, Rock Island, IL, and Moline, IL). The Quad Cities boasts a population of 383,000 people. Quad Cities residents on average make $32,570 per year. 29% of these residents are currently renting their home and travel an average of 20 minutes to work from their place of residence.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 100.0 %
Year Built: 1946
Average MH Lot Rent: $300
Size: 4 acre(s)

Financial Information (Actual)

Gross Income $81,372
Operating Expense $26,454
Net Operating Income $54,918
Expense Ratio 32.5 %
Debt Info

Lot Information

Singlewide Lots: 18

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: Septic

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