Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Listing ID: 1465877
  • Posted On: Jun 26, 2021
  • Updated On: Dec 28, 2021

Description

This park is a 14 pad mobile home park in Rainelle, WV. Nine units are park owned while five are tenant owned. There is a possibility that the new owner may acquire some of the five park owned.
The park has recently gone through some renovations. Between health issues and COVID I emptied out all of the park owned units to renovate and clean things up. I have just decided to sell and let a new owner get a fresh start.
Of the nine, six are now being rented. Three have had renovations but needs someone to go through them and tighten them up. Two need paint, holes patched, etc. Two need more extensive renovations but are definitely worth the effort.
The park is individually metered for water, sewage, and electric. It sets inside of town and is surrounded by city streets so there is no upkeep, the city maintains them. The park is within walking distance of stores, pharmacies, etc. There are eight 2 bedroom and one 3 bedroom.
For the past two years I have been cleaning up the place so financials will reflect that. However, with park owned homes getting $400 per month and tenant owned getting $110.00 per month there is plenty of revenue available and room to raise rents. Owner seller. Will entertain serious offers. Currently revenues are $3,050.00 per month with three units being vacant.
Please, only serious inquiries only.

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Park Information

Community Type: 55 And Over
Number of MH Lots: 14
Total Occupancy: 50.0 %
Year Built: 2005
Average MH Lot Rent: $400,110
Size: 1 acre(s)

Financial Information (Pro Forma)

Gross Income: $4,000
Operating Expense: $800
Net Operating Income: $3,300
Expense Ratio: 20.0 %
Debt Info: Small loan

RV Information

Number of RV Lots: 0

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Average Rent for Park-owned Homes: $400

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