Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 17.6%
  • Listing ID: 1448228
  • Posted On: May 31, 2021
  • Updated On: Sep 5, 2021

Description

5 1/2 Acre Park with 12 Park Owned Units. 11 Mobile Homes (with 1 Double Wide), and a 3 bedroom, 1008 Sq. Ft. House. Property also has a separate storage building, a large Pavilion, and another building (commercially zoned) that with some work could be rented for additional revenue. Property has significant room to expand and add more Mobile Homes and could double in size and revenue generated. There is currently a Property Manager who handles EVERYTHING, including but not limited to: Leasing new Tenants & maintaining 100% occupancy, collecting rents, bank depositing rents, receiving repair calls from Tenants, getting repair work completed, evictions (if needed), any desired unit updating upon Tenant vacancy, and reporting to Owner. The property manager receives 10% of rent collected. She is very honest, trustworthy, and hard working. She is highly recommended. If she is kept on, the is NO OWNER INVOLVEMENT NEEDED. She does everything. CAP rate would drop slightly to 15.%6% after paying property manager if new owner utilizes her services. This is a low cost opportunity with a high profit return and little to no effort needed.

Location

ZIP code stats
Home values in this zip code (29039) have increased 3.0 % (↑) over the past 12 months. Zillow predicts the home values in 29039 will increase 3.9% (↑) in the next year.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 12
Total Occupancy: 100.0 %
Year Built: 1970
Average MH Lot Rent: $454
Size: 6 acre(s)

Financial Information (Actual)

Gross Income: $65,400
Operating Expense: $9,831
Net Operating Income: $55,569
Expense Ratio: 15.0 %

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 12
Average Rent for Park-owned Homes: $454