Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.1%
- Listing ID: 3188219
- Posted On: Jun 20, 2023
- Updated On: Aug 22, 2023
Description
At 100% of the lots occupied, Cherry Estates is a great turn key
investment. The roads have been paved, street lights were added for
safety and security, and six older homes have been moved off the
property in the last two years to improve the overall quality of the park.
There are 20 storage units on the property. Of which, 10 are rented
out to tenants. The current owner has not allowed non-residents to
rent these spaces, however, by allowing non-residents to rent these,
they could easily be filled.
The utilities are as follows:
- Water: Well (Bill back)
- Sewer: Septic (No bill back)
- Electric: Tenant Responsible
- Gas: Tenant Responsible
- Trash: Individual Cans (Owner Responsible)
Location
Sturgeon Bay is located 40 miles northeast of Green Bay. It's at the
center of Door County on the peninsula of Wisconsin surrounded by
Lake Michigan. Sturgeon Bay has a population of nearly 10,000
people and an average household income of $57,226 per year.
Although Door County is known for its tourism in the summer
months, the largest employment sectors in Sturgeon Bay are
Manufacturing (20%), Healthcare (16%), and Retail Sales (14%).
Amenities
- Storage
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 20 |
| Total Occupancy: | 100.0 % |
| Average MH Lot Rent: | $300 |
| Size: | 6 acre(s) |
Financial Information (Actual)
| Gross Income: | $78,360 |
| Operating Expense: | $25,620 |
| Net Operating Income: | $52,740 |
| Expense Ratio: | 32.7 % |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
