Mobile Home Park Details
- Purchase Method: Cash, Seller Financing
- Cap Rate: 10.0% (Actual)
- Listing ID: 543985
- Posted On: Jun 24, 2015
- Updated On: Aug 22, 2018
Description
The Park consists of 38 existing pads, and is license with the State of Maine for 38 sites. There are 12 +/- acres, and the Town owns & maintains the roads, and water and sewer are all individually metered and are billed directly to the tenants from the water & sewer department. There is a 28x120 Storage Building with 10 bays, and 9 are rented at $65.00 per month, and the owner utilizes one of them. There are 9 vacant pads that could be rented for potential future revenue of $14,880.00 annually. The owner will be increasing the park rents to $10.00 per month starting January 1, 2016. The park pads in Millinocket supports $155.00 per month so even at $145.00 he is below market rents.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 38 |
| Total Occupancy: | 66.0 % |
| Size: | 12 acre(s) |
Financial Information (Actual)
| Gross Income: | $55,620 |
| Operating Expense: | $6,833 |
| Net Operating Income: | $48,787 |
| Expense Ratio: | 12.3 % |
RV Information
| Average RV Lot Rent: | $135 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |