Contact Information
Jason Bergan
License: S65228000
Mobile Home Park Details
- Price: $575,000
- Purchase Method: Cash, New Loan
- Property ID: 1937391
- Posted On: Nov 21, 2022
- Updated On: Nov 21, 2022
Description
This mobile home park is located in the county outside of Riverside, IA. The park is in an unzoned area of Washington County with no restrictions or covenants. This allows a new owner to develop at least another 27 lots on the proposed land shown in the overview, and additional land is available for additional development of mobile home sites.
The property is currently served by a private well system and 5 individual septic tanks. Current ownership pays for water and does landscaping and snow plowing. Tenants pay all other utilities directly.
Current ownership has Three Rent to Own Contracts in place and 5 Park Owned Homes. This offers new ownership the opportunity for additional income through contract sales to long term tenants.
Location
Riverside, IA is a town of roughly 1,000 residents and the Riverside Casino and Golf Resort. Located off of US HWY 218. The town is located less than 20 minutes from Iowa city and has seen many recent housing developments in recent years. This property offers affordable housing to an area with high job demand and a growing population.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 13 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1985 |
| Average MH Lot Rent: | $320 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income | $68,280 |
| Operating Expense | $17,294 |
| Net Operating Income | $50,986 |
| Expense Ratio | 25.3 % |
| Debt Info |
Lot Information
| Singlewide Lots: | 13 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 7 |
| Average Rent for Park-owned Homes: | $535 |
