Mobile Home Park Details
- Purchase Method: Assumable Loan
- Listing ID: 648769
- Posted On: Mar 25, 2016
- Updated On: Feb 24, 2017
Description
- Stable, cash-flowing property with an extremely attractive assumable loan that generates a nearly 9% cash return on proforma cash flow.
- Roads in very good condition and park located in very strong school district.
- Iowa recently started applying a rollback to properties to lower taxable values across the state. This asset benefits from the creation of a new property classification, multifamily residential, which may decrease the rollback percentage by 3.75% per year through 2021.
- Sewage lagoon requires upgrades that need to be completed by 2019. $625,000 has already been engineered and put in escrow by lender to fund the project.
- Community is serviced by public water and there may be a possibility to connect to public sewer.
- Only three park-owned homes in the community as of October 2015 and are being offered in addition to the asking price of the community. Six home notes with a balance of approximately $102k are also included in the sale and priced separately.
Location
- Conveniently located just outside Des Moines, Iowa' s capital and the most populous city in the state with an estimated population of 209,220 in 2014.
- The Des Moines unemployment rate was 3.2% in December 2015 - far below the national average of 4.8% (both numbers not seasonally adjusted).
- A major hub for the insurance, financial services and healthcare industries, several major employers operate in the area including Wells Fargo, Wellmark Blue Cross Blue Shield, Hy-Vee Food Corp, Mercy Hospital Medical Center, Unity Point Health and Principal Financial Group.
- Des Moines and the surrounding area is poised for strong growth in the coming years as the labor force grows and private and public investment continue.
- The Shoppes at Prairie Crossing, located three miles from Country Living, is currently under development. The $200MM, 230-acre mixeduse development will feature a 325,000 sq ft outlet mall, theatre, several big-box retailers and residential developments.
- Several entertainment and shopping destinations are a short drive from the community including Des Moines' numerous attractions, the Adventureland Amusement Park, Prairie Meadows and Seven Oaks Recreation.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 143 |
| Size: | 40 acre(s) |
