Contact Information
Jason Bergan
License: S65228000
Mobile Home Park Details
- Price: $215,000
- Purchase Method: Cash, New Loan
- Cap Rate: 12.0%
- Listing ID: 4406961
- Posted On: Feb 12, 2024
- Updated On: Mar 7, 2024
Description
This property consists of 10 lots on city utilities, with all utilities paid directly by the tenants. Currently there are 8 homes on site, with 5 of them rented to long term rental tenants, the newest tenant has been at the property for over 3 years showing strong rental demand. The property also has three vacant homes on site, one double wide, and two single wides. Both of these homes are in need of rehab.
Currently the park owns all of the homes on site and rents them to the tenants. This offers new ownership the ability to sell the homes on contract, increasing short term income while eliminating the need for maintenance.
The owner also has two more homes off site that can be included in the sale. The homes are in need of rehab, but would offer a new owner to quickly bring the property to 100% occupancy.
The park owned homes range in age, but are believed to be mid to late 1990's models, to early 2000's models. All of the homes, including the two offsite homes that can be included in the sale feature peaked and shingled roofs.
Contact Broker for Additional Details
Location
Colo is a small commuter town of around 900 residents located in Story County. The property is 20 minutes from Downtown Ames, IA and 40 minutes from the Des Moines, IA metro.
Colo, Iowa is part of the Ames, IA MSA. The Ames, IA MSA has a growing population of over 125,000 and the City of Ames is the home to Iowa State University, which currently has 28,000 registered students. The city of Ames itself has a population of 67,000 residents.
Ames offers a wide range of employment through the university and other supporting industries in close proximity to the subject property, making this an affordable community within driving distance to Ames and other anchor towns in the area.
Park Information
| Number of MH Lots: | 10 |
| Total Occupancy: | 63.0 % |
| Year Built: | 1965 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $36,600 |
| Operating Expense: | $10,714 |
| Net Operating Income: | $25,886 |
| Expense Ratio: | 29.3 % |
Lot Information
| Singlewide Lots: | 8 |
| Doublewide Lots: | 2 |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 8 |
| Average Rent for Park-owned Homes: | $610 |
