Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Land: This is land for developing a mobile home park
- Cap Rate: 8.8% (Actual)
- Listing ID: 485675
- Posted On: Nov 21, 2014
- Updated On: Jan 12, 2015
Description
***Development opportunity with current income!***The current homes take up only 1/4 of the existing 55.34 Acres! Over $2 million in infrastructure for city sewer, roads, storm water drainage, and city water are already in place, as well as a brick, 1935 Sq. Ft. club house with office spaces, large gathering room, restrooms, and play ground. Of the currently placed 17 homes, 16 are contracted with a balance of approximately $670,000.00 that will be transfered to the the new owner! There are over 130 lots! 132 Have storm water retention, 104 have city sewer and 128 have city water in place. 42 of these lots are fully developed and waiting for homes. This property is currently being used as a Manufactured Home Community. However, the possibilities are endless! The rest of the land can be developed into apartments, modular subdivision, a continuation of the mobile home park or Section 8 duplex housing!
Amenities
- Club House
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 42 |
| Average MH Lot Rent: | $225 |
| Size: | 55 acre(s) |
Financial Information (Actual)
| Gross Income: | $97,944 |
| Operating Expense: | $23,796 |
| Net Operating Income: | $74,148 |
| Expense Ratio: | 24.3 % |
Lot Information
| Doublewide Lots: | 42 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 16 |
| Average Rent for Park-owned Homes: | $494 |
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