Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 14.9%
- Listing ID: 1305252
- Posted On: Aug 13, 2020
- Updated On: Sep 23, 2020
Description
Huge amount of potential in this value-add deal. This park is a blank slate waiting for an investor to come in and make it into cash producing asset. This is your chance to get a 40+ space park in a good metro w/high demand for under $250k!
15 vacant homes are already in place. This is the perfect opportunity for a new investor with capital to obtain a park WITHOUT inheriting any problems or issues from the previous owner. Rehab the existing homes and handpick your own tenants to craft the park exactly how you like. We have a relationship with a local bank that can refinance it for you once occupancy is reached!
This park is also a great opportunity for an experienced operator to add 41 more pads to their portfolio at a low $6100 cost-per-pad (not including the existing 17 homes!).
Seller has already done most of the heavy lifting by evicting all the old problem tenants, removing all the worst homes, and bringing in add'l used homes ready to be rehabbed. Seller cannot complete the turn-around and now needs to sell, and is selling at a loss. Their loss is your gain!
Park has 17 homes onsite:
-2 occupied TOH (paying $200-250/mo lot rent)
-15 vacant POH
If you are looking for a 40+ park with upside, this is one of the best deals out there that you will find.
Location
-Located in the Anniston/Oxford/Jacksonville Metro Area.
-Metro stats: 115k population, $40k median income, $109k median home price.
Park Information
Community Type: | All Age |
Number of MH Lots: | 41 |
Total Occupancy: | 5.0 % |
Year Built: | 1973 |
Average MH Lot Rent: | $250 |
Size: | 5 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $7,250 |
Operating Expense: | $2,900 |
Net Operating Income: | $4,350 |
Expense Ratio: | 40.0 % |
Lot Information
Singlewide Lots: | 37 |
Doublewide Lots: | 3 |
Triplewide Lots: | 1 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 15 |
Average Rent for Park-owned Homes: | $450 |