Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 10.0% (Actual)
- Listing ID: 6224116
- Posted On: Jun 14, 2024
- Updated On: Jan 21, 2025
Description
This offering is a 100% Occupied – 100% Turn-Key MHP that includes:
-9 MH Spaces/1RV Space
-9 MH Units
-1200 SF Single Family Home
-Property Management (Lives Rent Free Unit 2)
-Year Built: 1983 Renovated: 2022
-.78-acres
-Zoning PD
Current Financial Information:
-Gross Revenue: $162,600
-NOI: $134,328
Prior owner has added upgrades that include:
-New septic drain fields
-New water tank with a filtration system for the well
-New power lines and power poles that are metered separately for
the entire park
-New fence surrounding the property
-New gravel road throughout
-Fully renovated MH Units
The new owner is simply purchasing significant cash flow!
Asking Price: $1.5M OBO
Financing: Financing is available through Vanderbilt Mortgage & Finance, the lender currently providing the note/mortgage for this property. Rate & terms are TBD, but may offer 25%-35% down payment.
Park Information
| Number of MH Lots: | 9 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1952 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $162,600 |
| Operating Expense: | $28,272 |
| Net Operating Income: | $134,328 |
| Expense Ratio: | 17.4 % |
Lot Information
| Singlewide Lots: | 9 |
RV Information
| Number of RV Lots: | 1 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 9 |
| Average Rent for Park-owned Homes: | $1,400 |
