Contact Information

Mobile Home Park Details

  • Price: $225,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.5%
  • Listing ID: 5915474
  • Posted On: May 28, 2024
  • Updated On: Aug 28, 2024

Description

The South Mobile Home Community is located in the heart of South Hutchinson, KS. The property consists of 21 lots, of which, 12 are occupied.

Lot rents are well below market at $190/month per month. Similar lot rents in the area are in the high $200 to mid $300 range for mobile homes. A new owner would have the opportunity to raise the lot rent to the market rate over time or upon purchase.

There is one stick built home on the property which is rented to long term tenant at $400 per month

The owners of the community are currently paying for the water and trash expenses of the tenants. A new owner would be able to recuperate the cost of water via sub-metering and distributing the trash costs to the tenants.

Property is being sold as-is.

Location

South Hutchinson is a city in Reno County, KS with a population of 2,500 residents. The city is a suburb of Hutchinson, KS which has a population of 40,000 residents. Hutchinson, KS is the county seat of Reno County and is located less than an hour from downtown Wichita.

This community is located one block west of Main St. in South Hutchinson, KS. The property is conveniently located a block from a local bank, Dollar General, and a child care center.

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

Park Information

Community Type: All Age
Number of MH Lots: 21
Total Occupancy: 6.0 %
Average MH Lot Rent: $190

Financial Information (Actual)

Gross Income: $34,440
Operating Expense: $18,280
Net Operating Income: $16,160
Expense Ratio: 53.1 %

Lot Information

Singlewide Lots: 21

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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