Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 9.0%
- Property ID: 1945480
- Posted On: Dec 1, 2022
- Updated On: Mar 6, 2023
Property Description
Quiet, Rural Setting on 17.99 Acres
18 - Lot Mobile Home Park for Sale. 3.5 acres for park, remainder in forest/trees (no maintenance, possible logging). No vacant homes and no deficient payments. Electronic Payments for all but 3 tenants. 1 makes their own payment directly to the bank, the other 2 pay our manager.
PLEASE don't disturb our Tenants.
8 - TOH with average LOT RENT of $287.50
6 - Homes sold on Contract with average LOT Rent of $315.00 and average Contract Home Payment of $309.00 (approximately $38,000.00 in Contracts receivable. (Offering to sell contracts discounted 50%) Tenants are responsible for upkeep and maintenance on these homes; no cost to you.
1 - POH Rented (Has never had a late payment) for $575.00 (includes $325 lot rent)(In great condition; Yellow home and interior pictures on this posting are of this POH.)
2 - Vacant Lots previously occupied, utilities in place to the best of our knowledge.
1 - Vacant Lot with Septic Tank only
1 - Park Owned 2 car garage
TOTAL LOT RENT ONLY = $4,510.00/month
TOTAL HOME CONTRACT/RENTAL INCOME = $2,117/month
TOTAL MONTHLY GROSS INCOME = $6,627/month
Public Water Directly Billed to Tenants by Utility
Electric Directly Billed to Tenants by Utility
8 shared Septic Tanks for the park - No Treatment System Required. Sewage system Reviewed, Approved, and Permitted annually by WV Dept. of Health - Compliant
We have a contractor pump septic tanks on rotation: 3 year average costs to pump approximately = $85/month
Park provides overhead light and power to garage = $24/month
Park provides Dumpster for tenants = $94/month
Park provides snow removal of roads in winter, gravel road maintenance, mowing during the growth months, and grounds Maintenance: 3 Year Average = $825/month
On-Site Manager = $225/month + Free Lot Rent = $550/month
Property Taxes = $1,750/year = $150/month
Insurance: Liability AND we are insuring all the homes on Contract (you can spend less if you like) = $2600/year = $220/month
TOTAL EXPENSES= $2,210/month
50% Expense Factor on Lot Rents Only - Opportunity to Improve
TOTAL NET OPERATING INCOME (NOI)
ON LOT RENT ONLY = ($4,510 - $2,210) = $2,300/month
= $27,603/Year
9 Cap Price using Lot Rent Only = $307,000.00
+ $20,000.00 for outstanding Home Contracts discounted 50%
+ $6,000 for 1 POH and 2 car Garage
Total Sales Price = $332,000.00
Location
Far North End of West Virginia panhandle. 30 miles West of Pittsburgh Airport
Park Information
Community Type: | All Age |
Number of MH Lots: | 18 |
Total Occupancy: | 88.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $300 |
Size: | 18 acre(s) |
Financial Information (Actual)
Gross Income | $54,120 |
Operating Expense | $26,517 |
Net Operating Income | $27,603 |
Expense Ratio | 49.0 % |
Debt Info |
Lot Information
Singlewide Lots: | 18 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 1 |
Average Rent for Park-owned Homes: | $250 |