Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 9.0%
- Listing ID: 581140
- Posted On: Nov 27, 2015
- Updated On: Jun 30, 2016
Description
Good looking stabilized mobile home park directly across the street from Ft Drum Army base in the Watertown area of NY. The park is on city water, sewer, and trash, the resident pays these bills directly to the city, no sub-metering is done by the park owner. Roads are paved and in good condition. Park Lot rent is $325 per month and tenants pay all additional utilities on top of that rent. Only 3 park owned rentals and all 1990+ mobile homes in good condition. Good mgmt onside husband wife team. Low maintenance park with upside to fill 16 lots. Homes sell fast being next to the Army base. On 50 acres to expand park or develop other commercial property.
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 81 |
| Total Occupancy: | 83.0 % |
| Year Built: | 1981 |
| Average MH Lot Rent: | $325 |
| Size: | 50 acre(s) |
Financial Information
| Gross Income: | $268 |
| Operating Expense: | $135 |
| Net Operating Income: | $133 |
| Expense Ratio: | 50.4 % |
Lot Information
| Singlewide Lots: | 67 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
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: | 3 |
| Average Rent for Park-owned Homes: | $650 |