Mobile Home Park Details
- Purchase Method: Cash, Assumable Loan
- Cap Rate: 9.3%
- Listing ID: 111987
- Posted On: Dec 16, 2011
- Updated On: Dec 21, 2012
Description
Two Mobile Home Parks for sale with seasoned onsite management being run using a proven Rental Property Management System.
The properties consist of over 150+ MH sites, 14 Apartments, 2 Single Family Reisdences, a Restaurant, Laundry Facility, Managers Quarters, Club House, Equipment Storage Facility and 17+ Vacant Lots and room for upside potential.
These properties are governed by a prospectus that has been professionally combed through and structured by a law firm that specializes in this field. The Lot Rents are low with room for upside, based on a market that supports annual increases.
The current mortgage is assumable at a fixed rate under 4%, with annual escrows included, making for a very business friendly monthly installment. This portfolio will not last.
Location
Polk County Hwy 17 and Highlands County Hwy 27
Amenities
- Laundromat
- Pool
- Club House
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 165 |
| Total Occupancy: | 90.0 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $300 |
| Size: | 24 acre(s) |
Financial Information (Actual)
| Gross Income: | $691,301 |
| Operating Expense: | $241,205 |
| Net Operating Income: | $450,096 |
| Expense Ratio: | 34.9 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 40 |
| Average Rent for Park-owned Homes: | $550 |
