Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
- Cap Rate: 15.0%
- Listing ID: 17425
- Posted On: Oct 18, 2010
- Updated On: Jan 29, 2011
Description
HUGE PRICE REDUCTION! MUST SELL! $172K or best offer.
The parks has a total of 14 units, 12 mobile home lots and 2 houses and a detached 2 car garage. Mobile homes are older, but were rehabbed in 2008 and 2009. The plubming was redone in the whole park at the end of 2009 cost was around $16,000.00.
My loss is your gain. I purchased the park in 07 for 180K and I had increased the income to $5500 per month, than refinanced based on appraisal value of $280,000.00, but had to move back to California things have gone down hill since than. This is a great investment Managed correctly or if you managed by the owner. I owe 208K so I m taking a loss. I m a motivated out state owner.
I willing to work to make it a Win- Win situation.
Please contact Todd 210-348-9500 he is the NEW property manager and can assist you with current rent rolls and so on.
Thank you
Location
The property is located in the southern part of San Antonio Texas. There is a HEB and Mcdonalds only a block away on Pleasanton rd. The property has plenty of traffic. The area is 8 minutes from the Toyota Plant. Lot rents are $250. Ten minutes or less to the Toyota Plant!
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 12 |
| Total Occupancy: | 28.5 % |
| Year Built: | 1953 |
| Average MH Lot Rent: | $250 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $25,209 |
| Operating Expense: | $9,996 |
| Net Operating Income: | $15,213 |
| Expense Ratio: | 39.7 % |
| Debt Info: | Based on Annual |
Lot Information
| Singlewide Lots: | 12 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 12 |
| Average Rent for Park-owned Homes: | $200 |