Contact Information
Jason Bergan
License: S65228000
Mobile Home Park Details
- Price: $980,750
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 8.0%
- Property ID: 1952160
- Posted On: Dec 14, 2022
- Updated On: Mar 10, 2023
Property Description
Lot Rent:
Lot Rent is currently scheduled to be raised to $385 March 01st, 2023. Lot rents in the Dubuque area currently range from the Mid $400's- Mid $500's, offering plenty of upside for new ownership.
The property has low overhead, all tenant owned homes, growth available and solid infrastructure. Current lot rents are still well below market, offering a new owner easy and obtainable upside through lot rent increases. The property also has four vacant lots, which can be infilled for additional income.
Utilities:
The community is on a lagoon system which was rebuilt in 2013, and is served by a chlorine injected Well System.
There are currently 28 occupied and paying homes, with a 29th home being remodeled and sold to a tenant owner, and a 30th occupied by an on site manager. They assist with daily water testing, mowing, posting notices, etc. They are compensated with free lot rent each month.
Current Occupancy:
The current financials are based on 29 Tenant Occupied Homes.
Location
Dubuque, IA is a city of about 98,000 people and growing. Dubuque is nestled on the west side of the Mississippi River and is a recreational hub for the tri-state area of Iowa, Illinois and Wisconsin. Dubuque boasts plenty of river based recreation and is also home to the National Mississippi River Museum & Aquarium.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 34 |
| Total Occupancy: | 85.0 % |
Financial Information (Actual)
| Gross Income | $133,980 |
| Operating Expense | $43,500 |
| Net Operating Income | $90,500 |
| Expense Ratio | 32.5 % |
| Debt Info |
Lot Information
| Singlewide Lots: | 34 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Treatment Plant |
Park-Owned Homes
| Number of Park-owned Homes: | 0 |
