Mobile Home Park Details
- Purchase Method: Seller Financing
- Cap Rate: 17.2% (Actual)
- Listing ID: 256862
- Posted On: Aug 26, 2012
- Updated On: Nov 1, 2013
Description
Auction.com will be auction this property in November!!!
Starting bid is $50,000. View this link to see info and terms for the auction.
YOKOHAMA RUBBER COMPANY TO BUILD NEW PLANT IN WEST POINT MS JUST 10 MILES FROM THIS PARK. HUGE OPPORTUNITY TO INCREASE RENTS FOR CONSTRUCTION WORKERS AND BUILD OUT CAMPER SITES FOR THEM AS WELL!!! Southgate Mobile Home Park in Columbus, MS on Highway 373 less than 1 mile south of the Air Base with 5+ acres is currently for sale. This park currently is 10 year Rent to Own Homes and is located in the Caledonia school district. All homes are parker owned. The tenants are responsible for all maintenance after 30 days from move in. This policy greatly reduces the management time required for the park. The reason for selling is that we are currently in need of cash.
ADDITIONAL INVESTMENT OPPORTUNITY: If you are interested in buying residential Foreclosed properties for under $20,000, please contact me as well. This is an unique opportunity and I will be happy to review the program with you.
www.bobthehouse.com site should be up and running by November 1st.
Location
Less than 1 mile south of the south gate to Columbus, MS Air Force Base. Turn East on Land Road off Highway 373 and the Park is on the corner of Land Road and Hwy 373.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 41 |
| Total Occupancy: | 22.0 % |
| Year Built: | 2011 |
| Size: | 5 acre(s) |
Financial Information (Actual)
| Gross Income: | $62,000 |
| Operating Expense: | $12,000 |
| Net Operating Income: | $51,000 |
| Expense Ratio: | 19.4 % |
| Debt Info: | No debt |
Lot Information
| Singlewide Lots: | 35 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 2 |
| Average RV Lot Rent: | $75 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 11 |
| Average Rent for Park-owned Homes: | $460 |