Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Listing ID: 1320946
  • Posted On: Sep 9, 2020
  • Updated On: Feb 1, 2021

Description

This investment property includes 12 spaces: 9 mobile homes are owned by Seller, Lot C is leased to the owner-occupant of the mobile home on that space, and 2 vacant spaces allow for additional income potential. Listing price w/10% cap rate is based only on current income & not potential income that can be generated from the 2 vacant spaces! Each mobile home is separately metered w/all tenants paying all utilities including water. Land includes 2 Parcels: 4.9 & .34 totaling 5.24 Acres. Property to be shown upon ratified contract. Potential buyers are welcome to drive around the property before submitting a contract. No sign on property. Owner cuts the grass every two weeks in season. Vacant lot behind unit F has a septic tank in place. Seller owns 9 of the 10 mobile homes. Lot C is lot rent only, mobile home is owned by the occupant. The lot behind lot F has septic and may possibly have utilities. The lot between lots H and G has utilities and may possibly have septic. The seller has not made any changes to these 2 lots since he purchased the property in 2008. They offer future potential income and are not considered in the income data of this listing. They are bonus lots. See rent history in documents.

Location

Only 8 miles to Hwy. 431 in Meridianville, 15 Minutes to Research Park Blvd., 17 miles to downtown Huntsville, AL .

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Park Information

Community Type: All Age
Number of MH Lots: 12
Total Occupancy: 75.0 %
Average MH Lot Rent: $4,210
Size: 5 acre(s)

Financial Information (Pro Forma)

Gross Income: $50,520
Operating Expense: $12,696
Net Operating Income: $25,194
Expense Ratio: 25.1 %

Lot Information

Singlewide Lots: 12

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: Septic

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