Sign
Sign
Lot #3
Lot #3
Lot #20
Lot #20
New Electrical Service
New Electrical Service
Interior Lot #1
Interior Lot #1
Interior Lot #1
Interior Lot #1
Interior Lot #1
Interior Lot #1
Lot #1
Lot #1
Sign
Lot #3
Lot #20
New Electrical Service
Interior Lot #1
Interior Lot #1
Interior Lot #1
Lot #1

Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 14.8%
  • Listing ID: 1099966
  • Posted On: Jun 28, 2019
  • Updated On: Oct 3, 2019

Description

SELLER FINANCING AVAILABLE WITH 30% DOWN. 2 Acre, 21 space MHP in Poteau OK, within city limits with city water and sewer. 14 Park Owned Homes included with MHP all have been remodeled with laminate flooring (no carpet) most with New Central HVAC added during remodel. Tenants pay all utility bills. MHP pays $0 utility bills. New underground 200 amp electrical service installed to 17 of the 21 spaces. Final 4 underground electrical services will be arranged to be installed by electrical provider. (OG&E) Room to add 7 more MH's, one space is for a DW, three spaces will fit 16x80's, three spaces will fit 16x60's or less (trees would have to be cut to fit larger homes on these spaces) Currently I have 6 rent to own contracts in place and 7 rent contracts. Good long term tenants in place. Gross monthly rent roll $7325 Gross yearly rent roll $87,900 (based on 100% occupancy) Current lot rent is $150.00 on rent to own contracts, lot rent can be increased to market rent. BROKERS WELCOME 3% ON CASH SELL.

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Park Information

Community Type: All Age
Number of MH Lots: 21
Total Occupancy: 93.0 %
Year Built: 0
Average MH Lot Rent: $150
Size: 2 acre(s)

Financial Information (Pro Forma)

Gross Income: $87,900
Operating Expense: $15,822
Net Operating Income: $63,288
Expense Ratio: 18.0 %
Debt Info: SELLER FINANCING

Lot Information

Singlewide Lots: 20
Doublewide Lots: 1

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 14
Average Rent for Park-owned Homes: $525

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