Contact Information

Property Description

*Under Contract* If the park falls thru, get on my interest list. OWNER WILL CARRY! Underlying note is $223,000. Terms: 12 Year (Fully Amortized loan) 7% Interest Rate. 8 Years left on note. Payment to Long Term Escrow: $3,033.72

** Just took photos on 3/1/18

Purchase Price: $395,000 Existing Note: $223,000 Down Payment: $172,000 (Unless if you get bank financing)

Turn Key 20 Space mobile home park with upside potential for the new owner.

Site Manager: No. The park has been set up with systems. There is very little to no activity on a day to day (or month to month) basis.

Reason For Sale: Death in the family from one of our partners and they need the capital back.

Cottonwood MHP has a total of: 17 Tenant Owned Homes (Long Term Residents 10+ years) 1 Park Owned Home (Vacant) Title needs to be taken over 1 Vacant Space ready for a new home 1 Apartment (Long Term Resident)

Park is licensed for 20 spaces.

Cottonwood Mobile home park sits on 1.90 acres of commercial property located right on Broadway.

With only 3 parks currently for sale in Idaho, don’t miss out on this opportunity. Nearly 100% of the residents have lived there for well over a decade.

Nearly 100% Tennant Owned Homes

Residents have been trained to deposit rents directly to Wells Fargo (a few blocks from the park).

Very high percentage of farm workers / Spanish speaking (Excellent at paying).

Rents have not been raised in over 7 years

*** See Rent Roll for expense

Contact Tony Ferris Tony@parkplaceedu.com Join Me in Scottsdale April 20th-April23rd https://www.parkplacemhp.com/p/mhp-mastery

Updated Questions 2/23/18

​ Reason For Selling: Death on partners side. They need out forcing sale. The Good: After acquiring over 1200+ units, this is the most stable park in our portfolio and the easiest to manage. I receive less than one handful of calls are year. Every resident in the park, has lived there for over a decade and owns the round home Less than one service call per year for plumbing and water. Rents have not been raised in over five years. Residence have been trained to deposit rents at Wells Fargo Very little common area resulting in low overhead. ($30 a month in the summer)

The Bad: Trees need to be trimmed The one small apartment in the front is is the only item in the park that requires any maintenance We are not desperate to sell, and very little room on negotiations

Mobile Home Park Details

  • Price: $395,000
  • Purchase Method: Cash, Seller Financing
  • Cap Rate: 10.0%
  • Property ID: 900246
  • Posted on Feb 22, 2018
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 19
Total Occupancy: 90.0 %
Year Built: 1975
Average MH Lot Rent: $255
Size: 1.9 acre(s)

Financial Information (Pro Forma)

Gross Income $57
Operating Expense $14
Net Operating Income $42,541
Expense Ratio 24.6 %
Debt Info

Lot Information

Singlewide Lots: 19

RV Information

Number of RV Lots: 0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $450

Map

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