Contact Information

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: Feb 19, 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.

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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.

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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

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