Mobile Home Park Details
- Purchase Method: Seller Financing, New Loan
- Cap Rate: 10.6%
- Listing ID: 1158865
- Posted On: Nov 25, 2019
- Updated On: Feb 26, 2020
Description
New Septic + 2 full acres 12 years ago. Park has 3 seperate fields with 17-18 acres. There are a few vacant lots but most of lots are homeowners. Several rentals. Good mix of singles and doubles. Owner has operated this park for multiple years and is interested in qualified buyers. Current lot rents are $350.00/month and Owner is raising lot rents to $375.00/month. Expenses run approximately 40K/annually. Owner is licensed to operate and does a lot of the work in the park keeping expenses low.
Owner will finance park with 50% down.
Park is 20 minutes from Indiana Dunes, Michigan City, and Franciscan Health. All electrical utilities are underground. Septic system is a force fed system with fields taking up to 2-3 acres. Park is current with IDEM.
Owner is having an appraisal done on the property.
(UPDATE: Appraisal recently came in at 1.5M.) 1st page of the appraisal with value and the financials are included in this listing.
Financial Information
Gross Income: | $205 |
Operating Expense: | $46,373 |
Net Operating Income: | $155 |
Expense Ratio: | 22621.0 % |
Debt Info: | Free and Clear |
Lot Information
Singlewide Lots: | 35 |
Doublewide Lots: | 15 |
RV Information
Average RV Lot Rent: | $350 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | Septic |