Mobile Home Park Details
- Cap Rate: 7.1%
- Listing ID: 1891688
- Posted On: Sep 20, 2022
- Updated On: Oct 26, 2022
Description
**EXCLUSIVE LISTING PRESENTED BY JDS REAL ESTATE SERVICES IN ASSOCIATION WITH MFI COMMERCIAL**
**PER OWNERS REQUEST PLEASE DO NOT CALL PARK DIRECTLY - CALL LISTED AGENT**
**Will Entertain Seller Financing**
Located in Tifton, Georgia South Central Mobile Home Park is a great community with great upside in both occupancy and rental increases! Currently the park is only 71% occupied but there are currently 8 vacant lots that can be rented immediately! There are also 4 mobile homes that need to be rehabbed and can be rented as a park owned home or sold as a rent to own mobile home. There are currently 5 mobile homes that have been sold as rent to own properties.
All of the properties that are currently Rent to Own have notes on them that will be transferred with the sale of the property. The total value of the installments still owed on the notes adds up to be $89,200!
This park is on city services and all of the utilities are billed back to the tenants which keeps the parks expenses very low. There are no monthly payments by the park for any utilities.
Location
|Multifamily | 42 Lots | Upside Potential |
-$89,200 Still Owed On Park Notes!
-Low Operating Expense Ratio!
-Infill Opportunity
Park Information
| Number of MH Lots: | 42 |
| Total Occupancy: | 71.0 % |
| Average MH Lot Rent: | $200 |
| Size: | 4 acre(s) |
Financial Information (Actual)
| Gross Income: | $94,800 |
| Operating Expense: | $16,896 |
| Net Operating Income: | $77,903 |
| Expense Ratio: | 17.8 % |
Lot Information
| Doublewide Lots: | 42 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 2 |
| Average Rent for Park-owned Homes: | $500 |
