Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park

Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Listing ID: 715779
  • Posted On: Oct 24, 2016
  • Updated On: Mar 16, 2017

Description

General information
We have decided to offer our 10 lot park for sale in Manhattan, KS.
We have a person that reads water meters, and handles little tasks for us in Manhattan.

For financing, we use a local bank (Central National Bank of Newton KS. They may be willing to loan money to you on this deal. If you need another option you might try:

Paul J Sofia
Commercial Capital Resources
P- 980-621-7760
F- 704-436-4019
Email: Paul@CommercialCapitalResources.com
Website: www.CommercialCapitalResources.com

We have owned this park over 10 years.
We are not offering financing.
Lot rent is $250 per month.
All homes are sub metered for water, we own the meters. All other utilities are owned and handled by the service providers ie. Electric, and gas.

Since we only have one park owned mobile home in Manhattan, there is no need for a full time camp host in this park. We only compensate our meter reader as needed.

Rents are either mailed to our P.O. Box, deposited to our bank account locally in person, or paid via PayPal or credit card online through our website.
Manhattan, KS

Home of Kansas State University
Home of the Big Red One Army base
This is a very stable town economically

In Manhattan we own 1 mobile home, 8 are owner occupied, and 1 lot is vacant.
Our park owned home is rented for $395, but will rent higher. We just waited for the right tenant and reduced rent a little to get them. Normal rents are around $600 per month.

Water/sewer and trash are billed back to tenants. We use Badger 25 water meters.
All meters are around a year old.

All plumbing lines underground were replaced with Pex (a) in 2007 and will last for many years trouble free.

There are two clay 6” main drain lines under the park. Most of the homes have had 4” Pvc run down to them. No P-traps are underground that I’m aware of. Both main drains were scoped with a camera a few years ago and were in good working order. We have not had to snake any drains for over a year since we replaced the 4” clay drains to PVC. Tree roots were the main problem.

We just finished a $6000 remodel on our park owned home in lot #2 back in January 2016. This is why the expenses were higher in 2014 and 2015. 2016 expenses are much lower.

Lot #1 shows a home in the pictures, but it was removed last year due to poor condition. We have not replaced the lot #1 home and plan to sell the park as is.
The city is using setbacks to restrict putting a home back in this spot, so new buyers would have to take that up with planning and zoning etc. They might allow a tiny home here.

We live in Florida and have for 8 months, we run this park almost effortlessly from here, it's been set up to be operated from long distance.

Reason for selling:
My wife has advanced Multiple Sclerosis, so we are downsizing our business.

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

Park Information

Community Type: All Age
Number of MH Lots: 10
Total Occupancy: 90.0 %
Year Built: 1960
Average MH Lot Rent: $250
Size: 1 acre(s)

Financial Information (Pro Forma)

Gross Income: $28,740
Operating Expense: $2,000
Net Operating Income: $26,740
Expense Ratio: 7.0 %

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $500