Property Description

**MAJOR PRICE REDUCTION** • Opportunity to acquire a 123-site value add property situated on 21.69 acres with proximity to two major metro markets. • Owner recently put in a brand new wastewater treatment plant (WWTP) for approximately $600k. • The community suffered in the 2008 downturn and is currently at 42% economic occupancy. Due to the low occupancy and recent installation of the new WWTP, the owner has not had the capital to run the park or make regular repairs. There is tremendous opportunity for a buyer to come in and make immediate fixes to quickly improve performance. • Several avenues exist for a buyer to increase performance: fixing leaking water lines, repairing broken submeters, hiring a more cost effective treatment plant operator, enforcing collections, and updating the housing stock. • Collections have begun to improve as the owner has started taking legal action against delinquent tenants. They have gone up from $10,725 in Jan ’17 to $15,952 in Mar ’17. • Community is on municipal water with submeters. • Offered at a low basis of $8,000 per site, which is significantly below replacement cost.

Mobile Home Park Details

  • Price:
  • Distressed: This property is in default, REO or in foreclosure.
  • Purchase Method: Cash
  • Property ID: 817443
  • Posted on May 26, 2017
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Park Information

Community Type: All Age
Number of MH Lots: 123
Total Occupancy: 44.0 %
Year Built: 1950
Average MH Lot Rent: $305
Size: 21.7 acre(s)

Utility Information

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

Map

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