








Mobile Home Park Details
- Purchase Method: Seller Financing, New Loan, Assumable Loan
- Cap Rate: 10.0%
- Property ID: 267348
- Posted On: Sep 11, 2012
- Updated On: May 18, 2016
Property Description
EVANSVILLE INDIANA PARK INFO
(google earth- 50 Lee Dr Mt Vernon IN)
#S ARE ACTUAL- I DONT USE PROFORMA!
Price: $1,497,000
Terms Available: YES
Owner is principle- agents ok
Age Of Community: 40 Years
Total Acres: 40
Unused Acres: 0
Total Number of Sites: 120
Owner Occupied: 90
Rentals: 1
Number of Vacant Lots: 30
Number of Vacant Units: 0
Number of Undeveloped Lots: 0
NEW PVC LINES THROUGHOUT
SOME PARTS HAVE NEW WATER LINES
Community Information
Is Manager Onsite: Yes
Number of Entrances to Park: 3
Average Lot Size: 40x80 Rental Information
Owner Occupied Rent: $195-last increase in 2012
AREA PARK COMP RENT $210-235
Rental Unit Rent: 400-500
Collection Rate: 98%
Last Rent Increase: February 2012
Utilities & Infrastructure Information
Tenants pay all own utilities
Type of Water: City
Individual Meters: Yes- OWNED BY THE CITY
Type of Sewer: 2 on City 1 septic
Individual Meters: Yes
If So Who Reads and Bills: City
Who Owns the Lines: Park
Type of Roads: 2 Asphalt, 1 Gravel
Who Maintains Roads: Park
On/Off Street Parking: On And Off
Electric Provider: Vectren Energy
Amp Service: 200
Natural/Propane Gas: Both
Average Age of Homes: 10-20 Years
Group Mailboxes: Yes
Club House: No
Play Ground: No
Laundry: No
Mature Trees: Yes
Basketball Courts: No
Park Rating: C
Population: 300,000 Metro Area
Work info: Varied employment -not a one-horse town
Unemployment 6.2% -US avg 8.6%
10 year expected job growth 39%
homes rental market 16%- extremely low ,tight rental market -Us avg 30%
Crime rate 2 rating US avg 4
http://www.mba-today.com/business/indiana-mba-employers.html#evansville
This community has a low EXPENSE RATIO
due to a few factors
*Low management fee- mgr only does landscape and minor park calls
*Tenants pay all rents directly to a local bank
*Tenants pay all utilities - park doesn't collect any utilities
* No rental homes - tenants own their own homes
* new pvc lines - low expense to maintain
Owner motivated due to partnership issues
will carry for the right person-
Park Information
Community Type: | All Age |
Number of MH Lots: | 120 |
Total Occupancy: | 75.0 % |
Year Built: | 1960 |
Average MH Lot Rent: | $195 |
Size: | 35 acre(s) |
Financial Information (Actual)
Gross Income | $210 |
Operating Expense | $60 |
Net Operating Income | $149 |
Expense Ratio | 28.6 % |
Debt Info | by request |
Lot Information
Singlewide Lots: | 100 |
Doublewide Lots: | 20 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
RV Information
Number of RV Lots: | 0 |
Average RV Lot Rent: | $195 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 1 |
Average Rent for Park-owned Homes: | $450 |