Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 17.6% (Actual)
- Listing ID: 614604
- Posted On: Dec 30, 2015
- Updated On: Jan 4, 2017
Description
NO PARK OWNED HOMES!!! Only collecting lot rent, with 17.5% CAP. Very easy to run from any where. The park is on CITY water, that is directly billed to tenants. All utilities are BILL DIRECTLY TO TENANTS. Each lot has its own septic tank. This park is outside city limits. The current tenants have been there for more than 8 years. Very stable investment with very minimal work. Lot rent was just increased in December 2015. But in 12 months you could increase it again as much as $25 per lot. That's extra $550/month and a annual salary increase of $6600.
The park is currently only occupying about 16 acres of the 34 total acres. So there are roughly 17 acres at the back of the park that can still be used to expand the park.
Lot 1- $200
Lot 2- $200
Lot 3- $250 (home financed to current tenant for additional $300)
Lot 4- $200
Lot 5- $200
Lot 6- $250
Lot 7- $200
Lot 8- $200
Lot 9- $200
Lot 10- $200 (home financed to current tenant for additional $160)
Lot 11- $200
Lot 12- $200
Lot 13- $200
Lot 14-$200
Lot 15- $200
Lot 16- $200
Lot 17- $200
Lot 18- $200
Lot 19- $200
Lot 20- $250 (home financed to current tenant for additional $350)
Lot 21- $200
Lot 22- $250
Water - Billed to tenants by county
Sewer - each lot has its own septic
Trash - tenants haul their own or pay for service themselves
Lawn - Tenants mow their own lawn
Annual taxes - $1300
Total monthly income - $5320
Location
Take I-85 north to Henderson, NC. Take exit 214 (HWY 39 South) go 3 miles and turn left on Vicksboro Rd. Go 5 miles down vicksboro rd and turn right on Red Head Lane. Homes are the right and left of Red Head Lane.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 22 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1976 |
| Average MH Lot Rent: | $225 |
| Size: | 34 acre(s) |
Financial Information (Actual)
| Gross Income: | $63,840 |
| Operating Expense: | $2,300 |
| Net Operating Income: | $61,540 |
| Expense Ratio: | 3.6 % |
Lot Information
| Singlewide Lots: | 18 |
| Doublewide Lots: | 4 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 0 |
| Average RV Lot Rent: | $0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 0 |
| Average Rent for Park-owned Homes: | $550 |
