Mobile Home Park Details
- Distressed: This property is in default, REO or in foreclosure.
- Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
- Cap Rate: 12.0%
- Listing ID: 101896
- Posted On: Oct 25, 2014
- Updated On: Nov 28, 2015
Description
DEAL FELL OUT OF ESCROW DUE TO PARTNERSHIP ISSUES-PRICE INCLUDES NOTES/HOMES VALUED AT 2-300K
WILL CONSIDER PARTERSHIP OR JV
68 SPACE MOBILE HOME COMMUNITY-approx 40 SPACES OCCUPIED AT $275 PER MO -This is a fixer upper
APPROX 12 vacant homes included-need rehab-
Price includes all PARK HOMES THAT ARE RENTED or RTO
2 STICK BUILT HOMES -VACANT WILL NEED MAJOR REHAB
>PAVED ROADS
>CITY WATER/SEWER -BILLED BY CITY TO TENANTS
>PARK PAYS TRASH ONLY
>approx 10 vacant spaces to fill
> STABLE INCOME REVENUE
Husband/wife manage park
CALL OR EMAIL FOR QUESTIONS/PKG
KEEP CONFIDENTIAL
DONT SPEAK TO MGR OR TENANTS
OWNER TERMS- 150K DOWN
6.75.% , 20YR AM
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PRICE INCLUDES HOME NOTES SOLD RTO
**New gross after rehabs (15 units x $400-$450 mo)
should be in the $17000-$18000 range
expenses should run at a industry avg of 35% or $6500 per month
leaving a NOI before debt service of $11000-12000 per month
*NEW VALUE BASED ON IMPROVEMENTS 1.1M-1.25M
Location
*61K area POPULATION
*UNEMPLOYMENT RATE IS 5.9% VS 7.2 % US
*INCOME PER CAPITA 20K VS 36K US-EXCELLENT FOR MHC'S
*FAMILY INCOME 36K VS 51K US
*VACANCY RATE 9% VS 10.5% US
*RENTERS MAKE UP 35% - HIGHER THAN NATL AVG (29%)
*LOW COST OF LIVING 23% LOWER THAN US AVG
*FUTURE JOB GROWTH FORCAST 39%
*CHARLESTON IS HOME TO EASTERN ILLINOIS UNIVERSITY -10,000 STUDENTS(PARK IS 2 MILES AWAY FROM UNIVERSITY)
*LIST OF MAJOR EMPLOYERS
http://www.charlestonchamber.com/major-employers.htm
open to partnerships or JV
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 68 |
| Total Occupancy: | 65.0 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $275 |
| Size: | 7 acre(s) |
Financial Information (Actual)
| Gross Income: | $148,000 |
| Operating Expense: | $50,000 |
| Net Operating Income: | $96,000 |
| Expense Ratio: | 33.8 % |
| Debt Info: | 6.75 % 20 YR AM |
Lot Information
| Singlewide Lots: | 68 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 0 |
| Average RV Lot Rent: | $0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 30 |
| Average Rent for Park-owned Homes: | $350 |
