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Mobile Home Park Details

Purchase Method: Cash, New Loan, Assumable Loan
Cap Rate: 13.0% (Pro Forma)
Listing ID: 355932
Posted On: Dec 22, 2012
Updated On: Jun 25, 2013

Description

The Villa Manor mobile home park has 81 single mobile home sites with an overall occupancy of 95% and there are no park-owned homes, no contract sales and no non-standard rents. Park size is 11 acres with city water and city sewer and has a playground, storage, paved road, storm shelter. Park has a part time manager and a part time maintenance, low maintenance cost. Lot rent is $200/month plus water. I also offer a partnership option.

Location

Villa Manor mobile home park located in central of Dodge City, Kansas. Dodge City did not have any tornado damage since 1947. Dodge City has a population of just over 27,000 and is the largest city in Ford County. Local market conditions indicate strong demand for rental mobile home lots. Dodge City offers broad mix of agriculture and industry provides the economic muscle to drive the economy of Dodge City. Major industries include processed beef, transportation parts, education, publishing, feed and livestock equipment and more. Last year, Haliburton, an oil and gas exploring company, want to invest around Dodge City and they could bring thousands of new jobs to Dodge City.

Amenities

Storage

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Park Information

Community Type:	All Age
Number of MH Lots:	81
Total Occupancy:	95.0 %
Year Built:	1970
Average MH Lot Rent:	$200
Size:	11 acre(s)

Financial Information (Pro Forma)

Gross Income:	$223,000
Operating Expense:	$70,079
Net Operating Income:	$152,821
Expense Ratio:	31.4 %
Debt Info:	Seller is also seeking for a partner with $500K in exchange for 78% ownership & 16.6% annual return. If interested, send an email for more info.