Mobile Home Park Details

Purchase Method: Cash, New Loan
Listing ID: 1501777
Posted On: Aug 23, 2021
Updated On: Oct 20, 2021

Description

Twisted Oaks MHP (Investor Highlights)
•City Water & City Sewer!!!
•Large Population Base over 500,000!!!
•Great size for beginning MHP Investor!!!

Twisted Oaks Mobile Home Park is licensed as a smaller 18-pad community located on 2.90 acres in Wichita, KS. The park is believed to have been developed in the 1960's. The property is zoned (1165 Mobile Home Park), however the seller indicates that the property is currently legal non-conforming (the park cannot be expanded into the additional acreage, and some vacant pads are smaller).

There are currently two trailers in the undeveloped portion of the park. One is vacant and needs to be removed from the park, and the other trailer can be renovated, the owner is currently in the process of moving it to a vacant existing pad in the main portion of the park. The park is presently owned by an out of state investor who utilizes a local property manager (7% gross).

There are presently 7 TOH's paying $285/month in lot rent, 1 POH paying $510/month in trailer rent, 1 RTO paying $401 until January 31st, 2023, and two vacant POH's. Month-to-month leases.

City Water and City Sewer!!! The underground pipe material in the park is a combination of polybutylene & cast iron. The park has electric & gas meters to each pad. The electric & gas is direct billed from the service provider. The water and sewer has recently began to be back-billed to the tenants utilizing RUBS. The road through the park is gravel and the owner considers it to be in "fair" condition. The tenants are responsible for mowing their own yards, and the park mows the empty pads and common areas. One tenant is behind with rent but has recently qualified for state assistance, and also is expected to receive a settlement from an automobile accident. Seller believes tenant will catch up shortly.

The owner has made some improvements to the property during his short ownership tenure:

•Removed a few dead trees.
•Currently in the process of moving a mobile home from the undeveloped portion of the property to the main portion.
•Replaced some water lines.

What asked what items they would continue to improve upon if they were to continue to own the property:

•Renting out the two vacant trailers.
•Filling in empty lots with homes.
•Increasing pad rental rate (Currently $50-70 below market).
•Demolish the abandoned mobile home in the undeveloped portion of the park.

(We strongly recommend the potential buyer to verify the zoning status with City/County officials, as well as inquire on how many pads may be utilized going forward as 4-5 of them are smaller pads).

JDS Real Estate Services, Inc. is the listing agent for this
transaction:

JDS Real Estate Services, Inc.
Jennifer D. Stein
1231 Puerta Del Sol, Suite #100
San Clemente, CA 92673
Phone: 213.446.5366
Email: jstein@jdsreservices.com
KS License #BR00233844

Jon Fisher is an "out of state" licensee cooperating with JDS Real
Estate Services, Inc. on this transaction. Jon Fisher is a licensed
broker in the State of Illinois under license #471.020503.

PH# 217-202-0924.
Email: jonfisher1991@gmail.com

Location

Wichita is the largest city in Kansas and the county seat of Sedgwick County. As of the 2020 census, the population of the city was 397,532. The Wichita metropolitan area has an estimated population of 644,888 in 2018.

Located in south-central Kansas, Wichita began as a trading post on the Chisholm Trail in the 1860s. It became a destination for cattle drives traveling north from Texas to Kansas railroads, earning it the nickname "Cowtown".

In the 1930s, businessmen and aeronautical engineers established aircraft manufacturing companies in Wichita, including Beechcraft & Cessna. The city became an aircraft production hub known as "The Air Capital of the World". Learjet & Airbus continue to operate manufacturing facilities in Wichita, and the city remains a major center of the American aircraft industry. Wichita's Dwight D. Eisenhower National Airport is the largest airport in Kansas.

Wichita State University is the third-largest post-secondary institution in the state.

Wichita, KS has a vibrant and diverse economy. Here are some of the largest employers in Wichita:

•Spirit AeroSystems (Aircraft Assemblies) 9,500 employees
•Textron Aviation (Aircraft Manufacturer) 9,000 employees
•Unified School District 259 (Public Schools) 5,600 employees
•Ascension Via Christi (Health Care) 5,400 employees
•U.S. Government (Federal Government) 5,200 employees
•McConnell Air Force Base (Military) 3,500 employees
•Koch Industries Global HQ (Diversified) 3,300 employees
•City of Wichita (Municipal Government) 2,800 employees
•Sedgwick County (County Government) 2,600 employees
•Wichita State University (Higher Education) 2,100 employees
•Johnson Controls (Air Conditioning Manufacturing) 2,000 employees
•Cargill Meat Solutions Corp. (Food Processing) 1,100 employees
•GE Aviation (Aircraft Engine Manufacturer) 750 employees

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