Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 5.0%
- Listing ID: 4096041
- Posted On: Nov 29, 2023
- Updated On: Feb 27, 2024
Description
The park currently has three homes on the property. One is tenant-owned and the other two are owned by the park. One is currently occupied and engaged in a rent-to-own contract with the park owners. The other park-owned home is under renovation, with the intent to sell in the future.
The park's infrastructure (water/sewer lines and roads) are owned and maintained by the city of Afton. The owners are charged for water/sewer, which they bill back to the tenants.
Location
Afton, Iowa is a community of 900 people located about 70 miles southeast of the Des Moines Metro. The median household income is $53,000 and about 1/3 of all residents rent the homes in which they live.
The top three industries of employment for Afton residents are: Manufacturing, Agriculture, and Healthcare Services.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 13 |
| Total Occupancy: | 15.0 % |
| Average MH Lot Rent: | $300 |
Financial Information (Actual)
| Gross Income: | $16,896 |
| Operating Expense: | $7,052 |
| Net Operating Income: | $9,844 |
| Expense Ratio: | 41.7 % |
Lot Information
| Singlewide Lots: | 13 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
| Average Rent for Park-owned Homes: | $652 |
