Contact Information

Mobile Home Park Details

  • Price: $1,650,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.0%
  • Listing ID: 4820826
  • Posted On: Mar 18, 2024
  • Updated On: Mar 25, 2024

Description

Prairie View Acres is an all ages, 56 lot Mobile Home Community located in the Waterloo, IA MSA. The property is currently at 75% economic occupancy with 41 Tenant Owned Homes (37 single wides and 4 double wides) and one rented park owned home, and 83% physically occupancy when including the 4 vacant park owned homes on site.

The property also features 11 adjoining acres m/l of farm ground that could likely be developed into additional pads, as well as an additional 4 acres m/l surrounding the lagoon system to the north of the property. Currently the 15 acres m/l of vacant ground is rented for an additional $600 per year to a local farmer.

Lot rents are currently a modest $315 per month as of April 1st, 2024.

Currently the property is served by a well and lagoon system. Rural water is available at the road of the park if new ownership would prefer to hook up to a public system.

The current lagoon system could also be hooked up to the city of Raymond, IA and the nearest connection point is approximately half a mile from the subject property.

The water lines in the park were replaced in approximately 2005. The sewer system is original and believed to be Orangeburg. Current ownership has not had any issues with the park infrastructure, including the well and lagoon system. The well and septic lagoon are in compliance with state, county, and local regulations.

Email Broker for more details (Jbergan@c21sre.com)

Location

The Waterloo, IA MSA encompasses Waterloo and Cedar Falls, IA and has an MSA population of 170,000 residents. The MSA has been growing steadily, in part due to strong local economic factors and amenities in the area.

Waterloo is home to multiple large department stores such as Walmart, Target, Scheels, Menards, etc. This offers residents in the area easy access to shopping and amenities, as well as major employment centers for the area.

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

Park Information

Number of MH Lots: 56
Total Occupancy: 75.0 %
Average MH Lot Rent: $315

Financial Information (Actual)

Gross Income: $161,580
Operating Expense: $30,000
Net Operating Income: $131,580
Expense Ratio: 18.6 %

Lot Information

Singlewide Lots: 52
Doublewide Lots: 4

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $500

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