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Address is 12357 Martinsville Highway Cascade, VA 24069

Dominic Bologna

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Breezy Acres MHP - 45 Acres - Turn key

Multi Family Housing for Sale in Cascade, Virginia

12357 Martinsville Highway
Cascade, VA 24069

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Mobile Home Park for Sale

Number of MH Lots: 20
Size: 45 acre(s)
Cap Rate: 11.0%
Purchase Method: Cash, Seller Financing, New Loan
Status: Sold
Property ID: 919574
Posted on: Apr 15, 2018
Updated on: Aug 31, 2018

Property Description

This turn key park is in Cascade VA. 20 pads on 45 acres. 18 total homes currently. 9 park owned homes and 9 tenant owned homes. Gross rent is $5,500 a month. 40 acres of land for expansion. Clear the timber and add another 80 pads with the city's permission. Septic tanks are set up in the park. 5 homes are on city water. 13 homes are connected to wells. The park is primed to move all water to the city. Its ready to go should you want to go that route.

Great first park or a great addition to your existing portfolio. Every lot is submetered but the owner is paying water currently. Monthly water expense is less than 200 a month.

13 homes on the North side of the street are all on well and septic (Each septic tank has two homes hooked up to them). 5 homes on the south side of the street are on city water and septic. 2 vacant spaces are ready to be filled.

Lot rent ranges from 140-175 a month depending on how long the tenants have been there. Raising these to $175 or more across the board makes the most sense. Electric bill is $125 bucks a month. Other area parks are charging $225-250 a month for lot rent. The park owned homes are currently renting for $425 monthly. Income is $3,825 from the trailer rent alone.

The manager will stay on for a small monthly fee if you want help managing from a distance. Seller will hold paper with 190K down at 4.5% over 25 years with a five or six year balloon. This is a monthly mortgage payment of $1,111.

Dominic 704.621.4988

Park Information

Number of MH Lots:20
Total Occupancy:90.0%
Year Built:1991
Average MH Lot Rent: $200
Size:45.0 acre(s)

Financial Information (Actual)

Gross Income$66,000
Operating Expense$10,000
Net Operating Income$56,000
Expense Ratio 15.2%
Debt Info

Lot Information

Singlewide Lots:20
Doublewide Lots:0
Triplewide Lots:0
Park Model Lots:0

RV Information

Number of RV Lots:0

Utility Information

Water Paid By: Tenant - Submetered

Park-Owned Homes

Number of Park-owned Homes:9
Average Rent for Park-owned Homes: $425