Contact Information

Mobile Home Park Details

  • Price: $800,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.4%
  • Listing ID: 4827687
  • Posted On: Mar 19, 2024
  • Updated On: Mar 26, 2024

Description

This property consists of 18 pads, with 17 Tenant Owned Homes on site paying $325 per month. Rents are scheduled to be raised to $350 in May of 2024. The property also features 12 storage units which are primarily rented to residents at the park. There is also a single family home on the property that is rented at $1,400 per month to long term tenants. The community offers a new owner a stable tenant owned home community with multiple income streams, and is located just outside of Davenport, IA.

This property is served by public water through the city of Davenport, with tenants paying water, electric, and gas directly. The property is served by a private sewer system which has a permit through the Iowa Department of Natural Resources.

The park owner is responsible for paying the septic fees, trash collection, common area electricity, and water and electricity for the shop and office. Park tenants are responsible for paying for their private electricity and water usage.

The property's sewer lines are Orangeburg Sewer lines and the property is serviced by a private septic lateral system. The sewer lines were scoped less than three years ago and are still intact and working properly, however given the construction material, new ownership should budget for eventual repair and replacement of the property's sewer lines.

Location

Davenport, IA is part of the Quad Cities (Davenport, IA, Bettendorf, IA, Rock Island, IL, and Moline, IL). The Quad Cities boast a population of 383,000 residents. Quad Cities residents on average make $32,570 per year. 29% of these residents are currently renting their home and travel an average of 20 minutes to work from their place of residence.

The top employers of the area include: manufacturing (John Deere, Arconic, and HNI), healthcare (Unity Point and Genesis Health), Retail (Hyvee Groceries and Walmart), Warehouse and Logistics (Walmart and Amazon), and Food Processing (Tyson, Kent Feed, Kraft Foods, and Nestle).

Amenities

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

Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 94.0 %
Year Built: 1946
Average MH Lot Rent: $325

Financial Information (Actual)

Gross Income: $93,960
Operating Expense: $18,573
Net Operating Income: $75,387
Expense Ratio: 19.8 %

Lot Information

Singlewide Lots: 18

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: Septic

Park-Owned Homes

Average Rent for Park-owned Homes: $325

Download Documents

Other Listings by Jason Bergan

Similar Mobile Home Parks for Sale