Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 14.5%
- Listing ID: 1428218
- Posted On: Apr 23, 2021
- Updated On: Jun 28, 2021
Description
White Creek Mobile Home Estates is a premiere Wisconsin value-add mobile home park. There are two parcels totaling 13 acres in Adams County. This community is waiting for a new owner and management to take this park to the next level.
The park is licensed and built for 48 lots but currently there are 16 tenant owned homes. The utilities include wells, professionally installed septic, and electric which is individually metered and billed back to tenants. Besides taxes, insurance, trash, and routine maintenance this park has minimal operating expenses.
By simply raising rents and adding 5-10 tenant owned homes per year there is huge upside for potential investors
Location
White Creek Mobile Home Estates is located between the Wisconsin Dells and Wisconsin rapids and has a growing population of 63,000 within a 30-mile radius. Just a short drive from Madison, Green Bay, and the Twin Cities this would be an ideal 1031 exchange property for prospective investors.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 48 |
| Total Occupancy: | 33.0 % |
| Average MH Lot Rent: | $167 |
| Size: | 13 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $50,400 |
| Operating Expense: | $20,239 |
| Net Operating Income: | $32,661 |
| Expense Ratio: | 40.2 % |
Lot Information
| Singlewide Lots: | 16 |
Utility Information
| Water: | Well |
| Sewer: | Septic |