Mobile Home Park Details
- Purchase Method: Seller Financing, Assumable Loan
- Cap Rate: 7.5%
- Listing ID: 106437
- Posted On: Oct 6, 2011
- Updated On: Mar 7, 2012
Description
20 space senior park with additional 13 RV spaces and a 2,356 sq. ft. home on 8 acres located primarily across the street from the McKenzie river,with the southern park boundary being the river. 17 spaces are occuppied in the mobile home portion of the park while there is 3 unoccuppied park owned homes that are included in the sale. The present owner hasnot utilized the 13 RV spaces in 2011 though income from the spaces in has been generated in the past years. Likewise the large home has been empty and could rent for $600 NNN if advertised. . Renting the home and selling 2 of the 3 park owned units would generate over a 14% annual cash return on the $225,000 invested. If a buyer were to convert the 13 RV spaces to 10 permanent mobile spaces the cash return would be further increased. This offering provides tremendous cash return and equity growth to an active owner. The $360,000 private first loan, amortized over 30 years, 6% annual interest, due in 2018 is assumable. The seller is willing to carry back a second $110,000 note with a $225,000 down payment.
Location
Blue river is a recreational area know for fishing, camping and white water rafting, is a 45 mile drive east from the Eugene/Springfield area, Oregon's second largest metro center. The park boarders the McKenzie river and a hour and half drive from the Bend, Ore., a recreational mecca.
Amenities
- Laundromat
- Club House
Park Information
Number of MH Lots: | 20 |
Total Occupancy: | 53.0 % |
Year Built: | 1960 |
Average MH Lot Rent: | $375 |
Financial Information (Actual)
Gross Income: | $71 |
Operating Expense: | $19 |
Net Operating Income: | $51 |
Expense Ratio: | 26.8 % |
Debt Info: | Assumable $360,000 private loan first and seller will carry back $110,000 2nd. |
Lot Information
Doublewide Lots: | 20 |
RV Information
Number of RV Lots: | 13 |
Utility Information
Water: | Well |
Water Paid By: | Park |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 3 |
Average Rent for Park-owned Homes: | $375 |