Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 5.7%
- Listing ID: 1475624
- Posted On: Jul 12, 2021
- Updated On: Jan 25, 2022
Description
This mobile home park features 17 pads with public utilities. There are currently 11 owner occupied homes on site, and one vacant home that can be reclaimed by the park. Current ownership pays for water, sewer, and garbage service. The current lot rent of $200 is well below the market average in the area which sits at $300-$325, offering upside for a new owner.
Location
The park is located in Mt Pleasant, Iowa the county seat of Henry County. The current population is just below 9,000, and the area has a solid demand for affordable housing.
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Park Information
| Number of MH Lots: | 17 |
| Total Occupancy: | 71.0 % |
| Year Built: | 1964 |
| Average MH Lot Rent: | $200 |
Financial Information (Actual)
| Gross Income: | $24,265 |
| Operating Expense: | $14,927 |
| Net Operating Income: | $9,338 |
| Expense Ratio: | 61.5 % |
Lot Information
| Singlewide Lots: | 17 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
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