Contact Information

Mobile Home Park Details

  • Price: $1,525,000
  • Purchase Method: New Loan
  • Cap Rate: 9.0%
  • Property ID: 892976
  • Posted on Jan 28, 2018

Property Description

The Country Mobile Home Park built in 1972 is an all-age 84-space park consisting of 63 single wide spaces and 21 RV spaces. It encompasses 6.10 acres and includes a 750 square foot remodeled office with a bathroom and shower. Parking is adequate throughout the park with plenty of extra street parking for guests.

There is mature landscaping, consisting of trees, shrubs, mowed lawns and common-areas. Roads are composite packed gravel base. Many spaces sites have manicured lawns and gardens. Water and sewer are provided by Monte Vista City services and billed back to tenants by the landlord. Gas and electric are provided by Xcel Energy and billed directly to tenants. Trash is included in the space rent.

There are no park owned homes (POH) and eight homes on rent-to-own (RTO) contracts. Rental income from the RTO contracts is not included in the Gross Revenue, and therefore not a part of the underwriting, however, the RTO contracts will be transferred to Buyer at closing at no cost.

Although there are some long-term RV rentals in the park, the majority of RV spaces lease up in mid to late summer, and run nearly run throughout the fall months. Last years revenue from RV’s is included in the gross revenue. Marketing for long-term RV rentals could substantially increase occupancy in the RV section of the park and add significant income upside.

There is a fulltime, on-site manager and fulltime maintenance person who lives in the park and take care of all the day to day operations and maintenance.

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Park Information

Community Type: All Age
Number of MH Lots: 63
Total Occupancy: 71.0 %
Year Built: 1970
Average MH Lot Rent: $285
Size: 6.1 acre(s)

Financial Information (Actual)

Gross Income $250,590
Operating Expense $113,367
Net Operating Income $137,223
Expense Ratio 45.2 %
Debt Info

Lot Information

Singlewide Lots: 63

RV Information

Number of RV Lots: 21
Average RV Lot Rent: $320

Utility Information

Water: City
Water Paid By: Tenant - RUBs
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0

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