Photo of Manufactured Home Community
Photo of Manufactured Home Community
Photo of Mi Casa neighbors across street
Photo of Mi Casa neighbors across street
Photo of Trailer Court
Photo of Trailer Court
Photo of trailer court
Photo of trailer court
Photo of trailer court
Photo of trailer court
Photo of Manufactured Home Community
Photo of Mi Casa neighbors across street
Photo of Trailer Court
Photo of trailer court
Photo of trailer court

Mobile Home Park Details

  • Purchase Method: Assumable Loan
  • Cap Rate: 10.0%
  • Listing ID: 105297
  • Posted On: Sep 9, 2011
  • Updated On: Oct 26, 2012

Description

Mi Casa mobile Home Park (37,000 sq ft lot) is a one star family Park. I want to thank all the offers at the former price and appologize for NOT being able to respond due to a discount disagreement with the underlying lien holder. That has been worked out and the property is back on the market. Mi Casa is located close to Phoenix Sky Harbor Airport, grocery stores, shopping and schools. All tenants are long term and maintain and own their trailers.
The property has in place on site (12 years) property manangement and infrastucture (water and sewer lines) have been replaced with plastic within the last 10 years. Light Rail and City bus service is within walking distance. Tenants pay electric direct to the utility company. Each space is sub metered for water, with tenants paying sewer and trash to the lanlord. Note, seller will carry small second 4 years with 124K down. As of February 2012, the property has 2 vacant spaces.

Location

Mi Casa is within 5 mintutes walking distance to the County Hospital and City bus service. and 15 minutes walking to the Airport. Sky Harbor is one the 10 busiest airports in the country.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 24
Total Occupancy: 93.0 %
Year Built: 60
Average MH Lot Rent: $325
Size: 1 acre(s)

Financial Information (Actual)

Gross Income: $96,000
Operating Expense: $41,000
Net Operating Income: $55,000
Expense Ratio: 42.7 %
Debt Info: 282000 1st TD

Lot Information

Singlewide Lots: 15
Doublewide Lots: 2

RV Information

Number of RV Lots: 7
Average RV Lot Rent: $280

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City