Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 18.0%
- Listing ID: 1251935
- Posted On: May 6, 2020
- Updated On: Apr 15, 2021
Description
This is a beautiful park in the hills of Western Virginia. The property is 13.5 acres. There are 17 pads on 7 acres with plenty of room for expansion. We believe it is possible for another 15-17 units. There are 16 park owned homes and one tenant owned home. Four homes are Section 8 housing while more could be if desired. The average rent is $425 mo. The water is independently metered. The sewage is septic tanks. There is a maintenance shed in excellent shape big enough to hold one large vehicle. There is a manager on site. We have just removed two older units and replaced them with newer units. We now have every unit renovated and rentable, thus the rise in price. The park is under contract and is scheduled to be sold the third week of February. We fully anticipate it closing. However, because we have gotten such a huge response we are willing to put up a back-up contract to anyone interested.
Location
The park is located in the beautiful rolling hills of Western Virginia. With the park on 7 acres there are 6.5 acres for expansion or to use as a homesite. It is a beautiful site full of deer and bear.
Amenities
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 17 |
Total Occupancy: | 82.0 % |
Year Built: | 2002 |
Average MH Lot Rent: | $425 |
Size: | 14 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $6,750 |
Operating Expense: | $825 |
Net Operating Income: | $5,925 |
Expense Ratio: | 12.2 % |
Debt Info: | None |
Lot Information
Singlewide Lots: | 17 |
Doublewide Lots: | 0 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
RV Information
Number of RV Lots: | 0 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 16 |
Average Rent for Park-owned Homes: | $425 |