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Address is 21525 Co Rd R Fort Morgan, CO 80701

Jason Lewis

Ecospace

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Wagon Wheel Mobile Home Park

Manufactured Home Community for Sale in Fort Morgan, Colorado - Price Reduced!

21525 Co Rd R
Fort Morgan, CO 80701

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Sale Price: $195,000

Contact Information

Jason Lewis
Ecospace

Mobile Home Park for Sale

Number of MH Lots: 17
Cap Rate: 23.5%
Purchase Method: Cash, Seller Financing, New Loan
Status: Active
Property ID: 997095
Posted on: Oct 09, 2018
Updated on: Oct 09, 2018
Price: $195,000

Property Description

We purchased this property this past year with plans for a long term hold. We have been making upgrades during our time of ownership. The park boast almost a 100% occupancy rate over the past 4 years and has had some tenants as long as 20 years. The reason we are selling is we have been presented with the opportunity to develop 18 new townhomes here in Denver and we are looking to sell a couple of assets to free up capital.

2017 the park grossed $94,195.05. This year with the updates and improvements we are on track to have NOI of around $46,000 for the year.

All of the homes a POH and could be setup on lease to own.

Park Information

Number of MH Lots:17
Total Occupancy:100.0%
Average MH Lot Rent: $495

Financial Information (Actual)

Gross Income$94
Operating Expense$49,000
Net Operating Income$46,000
Expense Ratio 52127.7%
Debt Info

Lot Information

Singlewide Lots:17

Utility Information

Water:City
Water Paid By: Park
Sewer:Septic

Park-Owned Homes

Number of Park-owned Homes:17
Average Rent for Park-owned Homes: $495