Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 8.5%
- Listing ID: 1192231
- Posted On: Feb 20, 2020
- Updated On: Nov 30, 2020
Description
Marcus & Millichap is pleased to present an opportunity to acquire a 1.71-acre mobile home park located at 139 Pricket Lane in Billings, Montana - commonly referred to as BC Mobile Home Park (BC MHP). The subject property is a 22-space professionally managed manufactured home community, comprised of 18 single wide spaces, 2 double wide spaces, and a duplex comprised of two 500 square-foot one-bedroom units. The duplex is located at 127 Pricket lane - just 50 feet north of the 8 mobile homes in the center of the property, and 120 feet west of the 4 mobile homes that border Florine Lane. Tenants are on city water and sewer. The homes are park owned. Currently, water, sewer, gas, and electric are metered back to the tenants. There is an opportunity for an investor to increase operating income through implementation of garbage billbacks.
Location
BC MHP benefits from direct access to highway 90. Additionally, BC MHP is within walking distance to Central Park, a 19-acre neighborhood park with a playground, picnic shelter, tennis courts & softball fields. Nearby retailers include Albertson’s, and CVS.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 22 |
| Total Occupancy: | 95.5 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $350 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $188,784 |
| Operating Expense: | $82,431 |
| Net Operating Income: | $106,353 |
| Expense Ratio: | 43.7 % |
| Debt Info: | $685,000 |
Lot Information
| Singlewide Lots: | 18 |
| Doublewide Lots: | 2 |
| Park Model Lots: | 2 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 22 |
| Average Rent for Park-owned Homes: | $380 |
