Contact Information

Mobile Home Park Details

  • Price: $2,900,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.7%
  • Property ID: 1933954
  • Posted On: Nov 14, 2022
  • Updated On: Nov 14, 2022

Property Description

Go to www.wiselycr.com for more information or click on the following links to get the offering memorandum.

Offering Memorandum Link: https://www.crexi.com/properties/990162/indiana-spring-valley-mhc?offeringMemorandum=download

Community Video: https://youtu.be/ZY3HUu7ipuM

PROPERTY OVERVIEW
Wisely Commercial Realty is pleased to offer for sale Spring Valley MHC located in Martinsville, Indiana. Martinsville is located about 30 minutes Southwest of Indianapolis. Spring Valley consists of 77 home spaces situated on 12 acres of land. The property is serviced by City Water and City Sewer. A new operator can submeter the water and sewer and bill it back to the residents. A new owner can come in and fill the remaining vacant sites. The demand for housing is very strong.

INVESTMENT HIGHLIGHTS
• Stable Community with 94% occupancy, with opportunity to fill vacant sites
• City Water & City Sewer. Opportunity to submeter the Water & Sewer and Billback to the residents
• Strong Demand for Housing in the immediate area

OFFERING SUMMARY
List Price: $2,900,000
Year 1 NOI: $252,269
Cap Rate: 8.7%
Price Per Site: $37,662
Price Per Occ Site: $40,278
Total Sites: 77
Physical Occupancy: 97% (75)
Economic Occupancy: 94% (72)
Park Owned Homes: 29

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Park Information

Number of MH Lots: 77
Total Occupancy: 94.0 %
Size: 12 acre(s)

Financial Information (Pro Forma)

Gross Income $458,571
Operating Expense $206,302
Net Operating Income $252,269
Expense Ratio 45.0 %
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Video

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