Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 11.0%
  • Property ID: 863051
  • Posted On: Sep 28, 2017
  • Updated On: Apr 9, 2018

Property Description

Valley View South Mobile Home Park is an 18 home community located on the southern end of Quincy, Illinois. This rural location offers privacy for its residents yet also good access to the Quincy employers and Quincy schools. This park offers an investor a stable community, as all lots are rented and all homes have been well taken care of, with many having been recently painted and upgraded. Seller is planning to sell its existing 10 homes with the sale of the park but is amenable to a discount of $200,000 if buyer does not want the homes. Current lot rent is $180/month for lot leases. The homes rent for an additional $300-400 per month. Tenants pay all utilities. County streets reduce the landlord maintenance obligations and offer buyer a sizable rate of return from day one. (See attached pro forma.)

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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 100.0 %
Year Built: 1970
Average MH Lot Rent: $180
Size: 5.0 acre(s)

Financial Information (Pro Forma)

Gross Income $80,880
Operating Expense $24,065
Net Operating Income $50,671
Expense Ratio 29.8 %
Debt Info

Lot Information

Singlewide Lots: 18
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $350

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