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Address is 5900 W Co Road 350 N Muncie, IN 47304

Jacqueline Sawchik

Marcus & Millichap - McClellan & Baskin

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Countryview Farms

Manufactured Home Community for Sale in Muncie, Indiana

5900 W Co Road 350 N
Muncie, IN 47304

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Sale Price: $4,744,176

Contact Information

Jacqueline Sawchik
Marcus & Millichap - McClellan & Baskin

Mobile Home Park for Sale

Number of MH Lots: 149
Size: 20 acre(s)
Status: Active
Property ID: 966989
Posted on: Jul 10, 2018
Updated on: Jul 10, 2018
Price: $4,744,176

Property Description

Marcus & Millichap is pleased to present the opportunity to acquire a 149 site manufactured housing community located in Muncie, Indiana. Countryview Farms is an all-age community that is currently situated on 20 acres of land with spacious lots. Most lots are large enough to accommodate single section 16 X 80’s as well as some larger sectionals. The community provides its
tenants with paved streets, on-site management and a basketball court.

The City of Muncie has been expanding its retail and business centers to the west of the city, towards Countryview Farms, over the last few years. This westward expansion will help to increase the communities appeal to future and current residents. Muncie has several local universities, in addition to Ball State, including Indiana Business College, and Ivy Tech community college.
Walmart Supercenter is 2.3 miles away.

The City of Muncie has a 2017 population of 70,085 and Delaware County has an estimated 2017 estimated population of 117,671. In the first quarter of 2018, the county had an unemployment rate of 3.8%. The city also benefits from the 22,000 currently enrolled students in Ball State University. Finally, the city has a 23% lower cost of living than the rest of the country.

The community is being offered for a total price of $4,744,176 allocated to $2,499,000 for the real estate and $2,245,176 for the park owned homes. At the real estate price of $2,499,000, a new investor can expect a 7.01 percent cap rate.

Park Information

Number of MH Lots:149
Total Occupancy:68.0%
Average MH Lot Rent: $268
Size:20.0 acre(s)

Lot Information

Singlewide Lots:149

Utility Information

Water Paid By: Park

Park-Owned Homes

Number of Park-owned Homes:120