Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 8.6%
- Listing ID: 2223941
- Posted On: Mar 24, 2023
- Updated On: Sep 19, 2023
Description
The park has 9 out of 14 lots occupied, offering upside through
infilling the remaining pads and raising lot rent over time. Lot rent is
$275 effective April 01st, 2023.
The water/sewer is provided by the city and the garbage is collected by a local collection company. Utilities are paid for by the tenants directly.
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
Leon, KS is located 30 miles from downtown Wichita. The population of Leon is 667 (as of 2021) with 33% of the population
renting. The average household income in Leon is $54,000 (as of
2019). The largest employing industries in the area are:
Manufacturing (33%), Construction (14%), and Retail Sales (13%).
See the Deal Room or Contact Broker for MSA Data
In 10 years (2012-2022), the metro area of Wichita grew by 50,000
people from 485,000 to 535,000. The average household income is $61,000. The average commute time to work is 20 minutes, making Leon on the cusp of the average commute time for the Wichita metro. Wichita is known for its aerospace manufacturing
companies. The two largest employers in the area are Spirit
AeroSystems and Textron Aviation, which employ over 22,000
people.
Park Information
| Number of MH Lots: | 14 |
| Total Occupancy: | 64.0 % |
Financial Information (Actual)
| Gross Income: | $36,540 |
| Operating Expense: | $8,685 |
| Net Operating Income: | $27,855 |
| Expense Ratio: | 23.8 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
