Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Property ID: 901111
- Posted On: Feb 26, 2018
- Updated On: Jul 16, 2018
Property Description
Don't let the initial cap rate fool you...
This is a "Mom & Pop" mobile home park on 8.36 acres in Taylorville, IL that is owned by three "out of state" heirs of the original owners. This park has been in existence since 1968 and has a long history of loyal tenants...having said that it is just over 50% booked right now (34 out of 64 pads). Property is currently generating positive cash flow. This park needs someone to aggressively market it to get it back to its glory days. Rent rate per pad is ridiculously low ($122/month) and could definitely by raised to generate additional cash flow. This could be a solid investment at this price point (listed at $7015/pad) after raising rents to current market values and giving the park a little TLC!
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 64 |
| Total Occupancy: | 53.0 % |
| Year Built: | 1968 |
| Average MH Lot Rent: | $122 |
| Size: | 8.4 acre(s) |
Financial Information (Actual)
| Gross Income | $40,100 |
| Operating Expense | $12,747 |
| Net Operating Income | $21,950 |
| Expense Ratio | 31.8 % |
| Debt Info |
Lot Information
| Singlewide Lots: | 63 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
| Average Rent for Park-owned Homes: | $0 |
