Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 8.9%
- Listing ID: 828926
- Posted On: Jul 3, 2017
- Updated On: Aug 18, 2017
Description
Located in central Phoenix near downtown and Sky Harbor International Airport within two blocks of planned light rail expansion, South Mountain Mobile Home Park offers an investor or first time buyer an easy cookie-cutter park with minimal maintenance or management required. The park has no common area amenities and landlord is only responsible for some walls, streets, and water/sewer utilities.
Location
Electric and gas are directed-billed by APS and Southwest Gas respectively. Seller has done a tremendous job passing through utility costs to tenants and billing is handled by third party management company. Units are a mix between two and three bedroom units and space sizes allow for family units in the future. Space rents are a mix based on tenancy length and some have room for growth. Seller says she gets calls almost daily for new rents but has not yet put a home into vacant space. In this location a 2br/3br home should sell or rent quickly. Broker recommends owner-operation for local investor or hiring of a third party management company for out of town investor. This park will not last long, please submit all offers. Cash offers with quick close will be viewed with high regard.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 16 |
| Total Occupancy: | 93.7 % |
| Year Built: | 1974 |
| Average MH Lot Rent: | $355 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $85,784 |
| Operating Expense: | $32,172 |
| Net Operating Income: | $53,612 |
| Expense Ratio: | 37.5 % |
Lot Information
| Singlewide Lots: | 12 |
| Doublewide Lots: | 4 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |