Mobile Home Park Details

  • Purchase Method: Cash, Assumable Loan
  • Cap Rate: 7.7%
  • Property ID: 913751
  • Posted On: Mar 27, 2018
  • Updated On: Apr 6, 2021

Property Description

71 lot Mobile Home Park with a 3 unit apartment.


-95% occupied @ $385 average lot rental
-11 park owned homes, hold notes on a hand full of homes.
-$575 for apartment rental.
-Well/Sewage Treatment Plant Tenants pay $30 a month for water
-Well maintained paved roads.
-Major overhaul was done to sewage treatment plant in 2013, meets and exceeds all EPA standards
-Onsite park manager that is willing to stay on for new owners
-Park originally had an FHA loan.
-Park has an assumable Bank of America loan @5.39%
-The value of Notes held is $104,939
-The value of Rental Homes is $79,950

-The value of Notes held and the value of Rental Homes is included in the sale price of the Mobile Home Park; Totals $184,889
-No Lot rent increase since 1/1/14
-Did add $30 for Water/Sewer/Garbage/Recycling 6/1/2015. The Water/Sewer/Garbage/Recycling fee has been increased to $40 (effective 5/1/18) and this adds $8,280 to the Annualized Income and is not included on NOI. This will increase the value of the Park by $110,000

For more information please contact Dale.

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Park Information

Community Type: All Age
Number of MH Lots: 71
Total Occupancy: 95.0 %
Average MH Lot Rent: $385

Financial Information

Gross Income $378,841
Operating Expense $112,511
Net Operating Income $266,330
Expense Ratio 29.7 %
Debt Info

Utility Information

Water: Well
Sewer: Treatment Plant

Park-Owned Homes

Number of Park-owned Homes: 11

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