Mobile Home Park Details
- Purchase Method: Cash, New Loan, Assumable Loan
- Cap Rate: 10.5%
- Listing ID: 1284749
- Posted On: Jul 7, 2020
- Updated On: Aug 25, 2020
Description
This is a 41 space park consisting of 3 single family homes, 8 apartment units and 30 mobile home lots.
Two of the single family homes are rented for $650 each. The third house is in poor shape and vacant.
The apartment buildings are currently being renovated and the plan is to have all 8 units rented by the Sep/Oct timeframe. Rents for these units range from $450 - $700.
Of the 30 mobile home lots, there are currently 12 occupied and 18 vacant lots. The lot rents are $300.
The park overall is in a good location, but the park could use a facelift. The mobile homes are fairly old, so a new owner should consider bringing in newer homes to make the park look nicer.
Interested in purchasing this mobile home park? Get pre-qualified for a loan.
Park Information
Community Type: | All Age |
Number of MH Lots: | 41 |
Total Occupancy: | 50.0 % |
Year Built: | 1951 |
Average MH Lot Rent: | $300 |
Financial Information (Actual)
Gross Income: | $87,240 |
Operating Expense: | $24,172 |
Net Operating Income: | $63,248 |
Expense Ratio: | 27.7 % |
Debt Info: | Bank loan of $250,000 |
Lot Information
Singlewide Lots: | 30 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 18 |
Average Rent for Park-owned Homes: | $450 |