Contact Information
Jr Cook
NLH
Mobile Home Park Details
- Price: $1,150,000
- Purchase Method: Cash, New Loan
- Cap Rate: 7.2%
- Listing ID: 4559298
- Posted On: Feb 23, 2024
- Updated On: Mar 14, 2024
Description
Beautiful Park located right on the shores of Lake Erie. Contains 25 mobile home lots plus 5 storage units, 1 apartment, and 1 RV lot. All city utilities.
Currently have 21 MH lots occupied, 1 RV lot occupied, 5 storage units occupied, and the apartment occupied as well. Water, sewer and trash are sub-metered and billed back to tenants each month. There are currently 2 vacant trailers that are being remodeled to list for sale. All other units are tenant owned. We also have 2 vacant lots that are expected to receive spec homes on them from Clayton homes in the near future. Property manager/maintenance guy lives on site and performs all duties in exchange for free rent each month. He would be willing to continue in this role for a new owner.
This park is a great little investment with some upside potential in the very near term. Call or text 801-318-4260 if interested.
Please no visits to the park at this time as we are not disclosing that it is for sale to our tenants yet. Thanks.
Location
Just off main road in Lorain, right on the shores of Lake Erie. Very few trees. Asphalt and Gravel roads.
Amenities
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 30 |
Total Occupancy: | 85.0 % |
Year Built: | 1965 |
Average MH Lot Rent: | $365 |
Size: | 5 acre(s) |
Financial Information (Actual)
Gross Income: | $118,800 |
Operating Expense: | $35,940 |
Net Operating Income: | $82,860 |
Expense Ratio: | 30.3 % |
Debt Info: | No Debt |
Lot Information
Singlewide Lots: | 25 |
Doublewide Lots: | 0 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
RV Information
Number of RV Lots: | 1 |
Average RV Lot Rent: | $250 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 2 |
Average Rent for Park-owned Homes: | $365 |