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Address is 7007 Lee Road 146 Opelika, AL 36804

Richard Morbidelli

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Small MHP in opelika

Manufactured Home Community for Sale in Opelika, Alabama

7007 Lee Road 146
Opelika, AL 36804

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Mobile Home Park for Sale

Number of MH Lots: 8
Size: 3 acre(s)
Cap Rate: 20.0%
Purchase Method: Cash, New Loan
Status: Active
Property ID: 419495
Posted on: Dec 28, 2013
Updated on: Apr 02, 2014

Property Description

This park has 7 mobile homes and one house spaced out perfectly on 3 acres. The wood-frame house has 3 bedrooms, 1 bath, large eat-in kitchen, living room, large laundry room, workshop and two porches. The park owns the house and 6 mobile homes, the 7th mobile home is owned by the tenant who only pays lot rent. Four mobile homes are 2 bd/2 bth. One mobile home is 2 bd/1 bth. The last mobile home is a 3 bd/2bth. Each mobile home has been partially renovated in the last two years and they are in excellent condition. This park stays full as the tenants love the quiet country atmosphere only a few minutes from Tiger Town shopping/movies in Opelika, AL. Property is well taken care of with two new septics installed this year. Perfect investment for anyone wanting a residual income each month without having to put in a large amount of time or money. Call 334-391-0159. If you have a small (20%) down payment and good credit, there are local banks that will finance this property, as the cash flow is good. You also make more return on your money by financing the balance and allowing the property to pay off the mortgage. Call me and I will explain and connect you with the local banking representatives.

Park Information

Number of MH Lots:8
Total Occupancy:100.0%
Average MH Lot Rent: $463
Size:3.0 acre(s)

Financial Information (Pro Forma)

Gross Income$44,400
Operating Expense$10,200
Net Operating Income$34,200
Expense Ratio 23.0%
Debt Info

Lot Information

Singlewide Lots:7
Doublewide Lots:0
Triplewide Lots:0
Park Model Lots:0

Utility Information

Water Paid By: Park

Park-Owned Homes

Number of Park-owned Homes:7
Average Rent for Park-owned Homes: $500

Amenities and Other

Storage: Yes

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