Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 10.9%
- Listing ID: 1258627
- Posted On: May 20, 2020
- Updated On: Jul 20, 2020
Description
Mobile home park being offered for sale. Property in an established park that has 12 units. There are 10 double wide units and 2 single wide units.
All units have been updated with new roofs on all within past 4 years. All units are currently occupied, some with long term occupancy for several years. Majority have annual leases.
Recent updates to park includes water systems connect to county water and a new storage/office building in place.
Tenants pay electric, water, and trash removal. Currently park provides quarterly pest control to units and lawn care. However with the right owner lawn care and pest control could be handles in house to reduce operational expenses.
Upside of park is that there is enough acreage that more units could be added for additional income. Selling due to medical issues.
Owner financing available with 20% down. Balloon payment within 3-5 years. Amortization schedule open for discussion at 3.5%
Location
Park consist of a total of 15.76 acres with each unit residing on a acre +. Private access with 13 dusk to dawn lights throughout park.
Park Information
| Total Occupancy: | 100.0 % |
| Size: | 16 acre(s) |
Financial Information (Actual)
| Gross Income: | $84,000 |
| Operating Expense: | $15,800 |
| Net Operating Income: | $68,200 |
| Expense Ratio: | 18.8 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 12 |
| Average Rent for Park-owned Homes: | $600 |
