Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 13.0%
- Listing ID: 878630
- Posted On: Nov 15, 2017
- Updated On: Nov 20, 2018
Description
Turn-key positive cash flow property ready for new owner after 20+ years. Permits up to date, metered water being installed now. 12 pads - eleven owned by tenants, one owned by park and currently vacant for new owner if desired. Ithaca city school district, bus service to schools, downtown Ithaca, or Tioga county. Easy access from Rt. 79 with short commute to Ithaca, Dryden, Cortland, Richford, Berkshire, Binghamton. No owner financing. Tenancies mostly long term, from 2-29 years. Gross rents with 1 currently vacant unit = 46,000. Call agent for details.
Location
Located in Central New York, proximal to the Finger Lakes and Cornell University, one of the most vibrant communities in the Upstate region. Historically low unemployment and a good job market make this an attractive investment community, ESPECIALLY for housing stock that is considered "affordable".
The area is booming with new agricultural, high tech, and entrepreneurial business development. Don't miss this great opportunity!
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 12 |
| Total Occupancy: | 91.0 % |
| Year Built: | 1975 |
| Average MH Lot Rent: | $350 |
| Size: | 6 acre(s) |
Financial Information (Actual)
| Gross Income: | $46,176 |
| Operating Expense: | $8,178 |
| Net Operating Income: | $38,013 |
| Expense Ratio: | 17.7 % |
Lot Information
| Singlewide Lots: | 10 |
| Doublewide Lots: | 2 |
Utility Information
| Water: | Well |
| Water Paid By: | Tenant - Submetered |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
| Average Rent for Park-owned Homes: | $650 |
