8.22% Cap Rate on Actuals! Rarely will you find this type of return on actual income plus with significant upside on loss-to-vacancy rent.

James Court Mobile Home Park is comprised of a total of 5 single-wide mobile home park spaces plus 17 RV lots with drains, 6 apartment units, plus a single-family home. This paved park is serviced by public city water and city sewer, electrical is sub-metered and all but one unit is direct metered for gas. Currently 8 of the MH / RV lots plus (1) of the apartments is vacant providing real value-add upside for a new owner. There's approximately $3,500-$3,800 per month in gross rent loss-to-vacancy that a new owner could obtain. The majority of the mobile homes / RVs are tenant owned, except one park - owned unit plus stick built apartments.

The ownership has completely replaced all the gas meters, house has undergone a full interior remodel including new roof within the last two years, and interior remodel to 1 Bedroom apartment. New asking space rents are $400 per month plus tenants reimburse sub-metered electrical / gas to the ownership which direct bills the residents.

Overall, the park is in generally good condition, well maintained with longer-term tenants (5+ and 10+ years).