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

Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Listing ID: 806263
  • Posted On: Apr 25, 2017
  • Updated On: May 31, 2018

Description

This "mobile home park" constitutes 11 separate lots, each with one mobile home on it. So 11 mobile homes. All park-owned. Just bought a newer home in the process of being installed. Certificate of Occupancy to be obtained imminently.
Average rent is about $500/month per home.
One of the home was completely rehabbed. But they are older homes, so maintenance expected.
With a GOOD manager, this property can bring in $50k NOI easily.

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Park Information

Community Type: All Age
Number of MH Lots: 11
Total Occupancy: 50.0 %
Average MH Lot Rent: $400

Financial Information (Pro Forma)

Gross Income: $66,000
Operating Expense: $10,600
Net Operating Income: $55,400
Expense Ratio: 16.1 %

Lot Information

Singlewide Lots: 11

Utility Information

Water: Well
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 11
Average Rent for Park-owned Homes: $500

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