Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 10.0%
- Listing ID: 105737
- Posted On: Sep 18, 2011
- Updated On: Feb 29, 2012
Description
This is a 10 unit park in Manhattan Kansas located Near K-state University, and this is also the home of the US Army first infantry division (Fort Riley) Manhattan was recently listed among the fasted growing cities in America. Here are some comments about the town.
http://en.wikipedia.org/wiki/Manhattan,_Kansas
Parks don't come up for sale in this town very often, because they are all very profitable. We want to pay off all our debts and reinvest the balance of our money. ARC owns several parks here and they are getting over $300 per month on lot rent, so do the math.
I never have trouble filling vacancies. All homes are owner occupied we began selling them a year ago after learning a thing or two on this site. The park cash flows much better now, we would hold onto it but we decided to sell all our real estate, get out of debt, and move to Oregon.
We are not in distress, the park does fine for us. I decided to price it fairly and properly using ONLY the lot rents (not park owned home rents) like so many do. I get fed up with the amount of over priced parks listed around the country. I'm not trying to retire on this one, just need a fair price and we will have a deal.
I'm not interested in marking it up higher than it's worth to try and "hold out" for the golden price. The underground service water lines for the park were replaced in 2007, sewer mains are clay and have all been repaired and snaked with a camera to check for any issues. We have owned this park for 10 years and would like to buy a larger one If we can after we sell out.
e-mail me for any further info or pictures if you would like some. Kirk Farley skubakirk@gmail.com 785-539-6280 I have Profit and loss data, we keep meticulous records. I also have a cash flow analysis, and performa I'll post on here when I get a chance.
Park Information
Community Type: | All Age |
Number of MH Lots: | 10 |
Total Occupancy: | 100.0 % |
Year Built: | 1960 |
Average MH Lot Rent: | $250 |
Size: | 1 acre(s) |
Financial Information (Actual)
Gross Income: | $30,000 |
Operating Expense: | $10,000 |
Net Operating Income: | $20,000 |
Expense Ratio: | 33.3 % |
Lot Information
Singlewide Lots: | 10 |
Doublewide Lots: | 0 |
Triplewide Lots: | 0 |
RV Information
Number of RV Lots: | 0 |
Average RV Lot Rent: | $0 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | City |