Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 50.0%
  • Listing ID: 1364274
  • Posted On: Dec 4, 2020
  • Updated On: Oct 6, 2024

Description

I own Mobile Homes USA in Fort Myers and purchased this 3AC park with City Water and Sewer to develop it out with FEMA homes I own or can buy and rehab from my other 13 AC Park w/pond in Selma, AL which is also available on request. I have 9 Spaces with utilities around the right and back side of the park with 3 homes rented and room for 12 Mobile Home Spaces in the
left and center for which I need to complete utilities for. I own the property free and clear so we can get a construction loan to develop these. I

I am seeking a working partner to develop the park with me and have a Clear deed to property and have a move in ready furnished RV for my partner or his employee to live in on site if desired and own two other homes which are rented out.

I will partner for $75.000 and the property can be used as collateral for a development loan to complete the infrastructure.

The property currently has all utilities connected to 9 mobile home spaces along the right and rear perimeter and room for 12 Mobile Home spaces in the Left and Center of the property directly accessible from the main road. Estimated development cost for all utilities (city water , sewer and electric )to the additional 12 spaces is $50-60,000 for which I am willing to provide the deed to my free and clear property

. I have local wholesale sources to buy used RVs and Mobile Homes at wholesale pricing in the greater Selma area.

I am in the process of getting a mobile home dealer license for this park so we can also sell new and used units outside the park and need to take pics of our REPO's every week so we can get them up on social media to sell as is or rehabbed. Facebook Marketplace and Craigslist may be our best sources.. I have a mobile home dealers license to sell in All Florida or sell homes in adjoining Southeast States- However with an Alabama Dealers License
there is NO sales tax on used homes as opposed to 6% in Florida
which I have already filed for if you are interested. Car, RV or Mobile Home Sales Experience Necessary for my partner or an
employee we can bring on board to focus on sales and we can
concentrate on property development

I own the property free and clear so we can get a construction loan to develop these. I have a FINANCE company that can fund tenants with only 5% Down -660 FICO score or 10% Down with 550 FICO so we can sell the homes to the
tenants and also charge them monthly lot rent. I have a furnished RV on site for my partner or his employee to live in to oversee development.

I can buy 2 and 3 BR homes directly from FEMA in Selma in the $15-$25,000 area so should be able to net $10.000 per home we sell and receive $500/month rent. I also own a 13 AC Park with pond in Selma, AL which is 27 miles away that has 8 spaces that I use as a rehab and storage facility for used homes and repos. I have homes at this facility now which I have paid appx $10,000 per unit for that need some rehab at minimal cost that can be moved to Marion.

Therefore if we fill all 21 Spaces we should gross over $200,000 in mobile home sales plus $500 x 20 = $10.000 per month x 12 = $120,000 in annual rent allowing 1 space for a property manager. Total development costs should be in the $50-$60,000 area which we should be able to finance with a construction loan using the property as collateral.

Location

Quiet secluded park in suburban Marion

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Park Information

Community Type: All Age
Number of MH Lots: 21
Total Occupancy: 5.0 %
Year Built: 1982
Average MH Lot Rent: $500
Size: 3 acre(s)

Financial Information (Pro Forma)

Gross Income: $200,000
Operating Expense: $100,000
Net Operating Income: $100,000
Expense Ratio: 50.0 %
Debt Info: NONE

Lot Information

Singlewide Lots: 21

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $400