Mobile Home Park Details
- Purchase Method: Seller Financing, Assumable Loan
- Cap Rate: 7.9%
- Listing ID: 107427
- Posted On: Oct 28, 2011
- Updated On: Jan 24, 2012
Description
Established and successful mobile home parks in well-located northeastern Maryland community. Total of 180 +/- spaces. Tenants own their own units and many have lived there for years. Currently 90% occupied with no advertising. Owner may consider seller take-back note up to $1 million with full-price offer, otherwise no seller financing. Existing $3.5 million+/- debt is assumable to qualified buyers. Company vehicles, estimated at $100,000 replacement value, not included in price.
The properties have had high historical occupancy with long-term tenants in place. Approximately 40 +/- acres of excess land are included in the price. Owner has recently invested approx. $500,000 in improving its private sewage treatment plants. There are no park-owned homes, rentals or rent-to-own tenants. Owner is selling due to retirement.
Full details available with signing of a confidentiality agreement.
Location
Tree-lined streets in semi-rural Maryland setting but with easy access to major highways and metro areas such as Baltimore, Philadelphia and Wilmington. Located a short distance from I-95, north of Baltimore, Maryland.
Financial Information (Actual)
Gross Income: | $900 |
Operating Expense: | $300 |
Expense Ratio: | 33.3 % |