Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 8.3%
- Listing ID: 2223450
- Posted On: Mar 24, 2023
- Updated On: Sep 19, 2023
Description
This property features 18 lots with 7 currently occupied. At under
$200,000 this property offers a new owner the ability to infill the
property over time, as well as raising lot rent, offering a good return
on a long term investment. Lot rent was recently raised to $235 which is still well below market prices for lot rent in the area.
This property is served by city water and sewer, with tenants paying all utilities directly. The owner currently pays for trash service.
This property is managed by a local manager that lives in Leon, KS.
They receive free lot rent for their home located in the Leon, MHC as payment.
The owner will sell the three park portfolio with the below seller financing terms
Price: $750,000
Down Payment: $187,500 (25%)
5% Interest
20 Year Amortization
Short term balloon
Location
Hartford, KS is located in the Emporia MSA. Hartford is located
just off of I-35, offering tenants affordable housing with an easy
commute to larger employment centers such as Emporia,
Burlington, and Ottawa, KS.
Park Information
| Number of MH Lots: | 18 |
| Total Occupancy: | 39.0 % |
| Average MH Lot Rent: | $235 |
Financial Information (Actual)
| Gross Income: | $19,740 |
| Operating Expense: | $6,801 |
| Net Operating Income: | $12,939 |
| Expense Ratio: | 34.5 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
