Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 10.0%
- Listing ID: 823336
- Posted On: Jun 16, 2017
- Updated On: Feb 2, 2018
Description
NEW LISTING!
64 pad park with apartment and min-storage on site!
Nice park located outside of Memphis, TN, in Tipton County, for sale. Park has been family-owned since the 1990's and fully managed by owners. This is a nice, quiet, well-run park with upside potential.
There are 13 lot renters at $235/month and the remaining homes are park-owned. Rents range from $350-$675 and all pads are separately metered for water and electric. Each tenant pays their own utilities.
City water and private lagoon with very little monitoring/testing required.
7 unit apartment building on-site with 1 and 2 bedroom units.
10 unit mini-storage facility on site.
Annual gross rental income $348,840 with $282,158 NOI.
Offered at $2,850,000
10 cap
Full Marketing Package attached.
Amenities
- Storage
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 64 |
| Total Occupancy: | 95.0 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $375 |
| Size: | 14 acre(s) |
Financial Information (Actual)
| Gross Income: | $348 |
| Operating Expense: | $66 |
| Net Operating Income: | $282 |
| Expense Ratio: | 19.0 % |
Lot Information
| Doublewide Lots: | 64 |
RV Information
| Number of RV Lots: | 1 |
| Average RV Lot Rent: | $350 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | Treatment Plant |
Park-Owned Homes
| Number of Park-owned Homes: | 51 |
| Average Rent for Park-owned Homes: | $375 |