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-

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 120
Total Occupancy: 75.0 %
Year Built: 1960
Average MH Lot Rent: $195
Size: 35.0 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

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