Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 9.3%
- Listing ID: 101805
- Posted On: Jul 22, 2011
- Updated On: Jun 1, 2013
Description
Mobile home park has 75 pads with 65 homes on site. 48 Homes included is one leasing office/home are included in the sale (10 are financed as a lease purchase and 18 are owned by occupant). Capital improvement for the mobile home park over past few years includes elec. systems completely renovated & installed underground lines; installed natural gas services (1 bdrms do not have gas) & cable service; new asphalt paving; newer concrete pads for each lot; new landscaping on each lot & common areas; new mailbox canopy; built decks for each occupied lot.
Economic Occupancy (Historical 2010-2011) Average: 93%
Location
Located in Hernando, MS which minutes from Interstate 55 and 12 miles south of Memphis, TN. Hernando is the county seat of one of the top 40 fastest-growing counties in the nation. Community has experienced a 50% rate of growth in past 10 yrs.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 75 |
| Total Occupancy: | 93.0 % |
| Average MH Lot Rent: | $215 |
| Size: | 8 acre(s) |
Financial Information (Actual)
| Gross Income: | $328,084 |
| Operating Expense: | $144,929 |
| Net Operating Income: | $183,155 |
| Expense Ratio: | 44.2 % |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 47 |
| Average Rent for Park-owned Homes: | $570 |