Mobile Home Park Details
- Purchase Method: Cash, New Loan, Assumable Loan
- Cap Rate: 10.2% (Actual)
- Listing ID: 775167
- Posted On: Jan 1, 2017
- Updated On: Apr 6, 2017
Description
61 space mobile home community. 11 homes are rent to own. 1 unit is a stick built house, and 2 units are a duplex. 25 space renters, 2 park owned rentals, and 2 vacant homes in need of repair. Property includes a duplex and a stick built house. 18 vacant spaces but only around 5 of those are useable. Property is on county water/sewer with a portion of property on septics which are all in good working order and most of which are new. Lots of homes moved in over the last couple of years. Some vacant spaces still available for added upside. Close to Fort Gordon and I:520. Rent to own homes, a couple of park owned but mostly space renter park. Solid easy to run park with great returns and upside in raising rental rates.
Rent increase is scheduled for January 1st 2017 and is not reflected in 2016 financials. Location has the potential over the next 10 years to be redeveloped for apartments or single family as the Army Cyber Command growth moves down Gordon highway towards this property. A new roundabout is going in at corner of the property which will greatly improve the appearance of the park.
Location
In Augusta, GA at intersection with new roundabout going in over next couple of months. Milledgeville Road and North Leg meet near Gordon Highway and I:520 at current 4 way flashing lighted intersection.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 61 |
| Total Occupancy: | 95.0 % |
| Year Built: | 1980 |
| Average MH Lot Rent: | $230 |
| Size: | 8 acre(s) |
Financial Information (Actual)
| Gross Income: | $146,391 |
| Operating Expense: | $44,155 |
| Net Operating Income: | $102,235 |
| Expense Ratio: | 30.2 % |
| Debt Info: | 160k first private loan |
Lot Information
| Singlewide Lots: | 61 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 4 |
| Average Rent for Park-owned Homes: | $450 |