Contact Information

Mobile Home Park Details

  • Price: $1,750,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.8%
  • Listing ID: 4237336
  • Posted On: Jan 4, 2024
  • Updated On: Apr 8, 2024


This community features 87 lots with 57 currently occupied, one of which is occupied by the on site managers. There are currently 57 tenant owned homes.. The property offers upside to new ownership through lot rent increases and infill. With all utilities being direct billed to tenants, this property offers a new owner the ability to quickly increase revenue, without increased expenses. Current ownership has raised lot rents closer to the market rate, while still leaving obtainable upside for new investors in a stabilized community.

There are currently on site managers and an office building at the property, making this an easy transition for both local owners and out of state investors looking to grow their portfolio. Current managers assist with leasing, rent collection, repairs and maintenance, and other day to day operations.

The property also has room for future expansion, offering new ownership the ability to further increase their future value.

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Princeton is the largest city and the county seat of Gibson County, and is part of the Evansville MSA. The population of Princeton is nearly 9,000 residents. The town is 30 miles North of Evansville, IN offering an easy commute for tenants in the area.

Major employers in the area include Toyota Manufacturing, Aerotek, Hansen Corp., Gibson County Coal, and Walmart, as well as several smaller manufacturing corporations, hospitals, and public services. These businesses are responsible for over half of the employment in Princeton, offering a diversified labor industry in the area.

In 1996 Toyota invested over $1 billion in the local manufacturing plant. The plant currently has over 7,000 employees at their Princeton location.

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

Park Information

Community Type: All Age
Number of MH Lots: 87
Total Occupancy: 67.0 %
Average MH Lot Rent: $350
Size: 13 acre(s)

Financial Information (Actual)

Gross Income: $236,880
Operating Expense: $84,861
Net Operating Income: $155,000
Expense Ratio: 35.8 %

Lot Information

Singlewide Lots: 87

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $775

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