Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 6.5%
  • Listing ID: 1525206
  • Posted On: Sep 30, 2021
  • Updated On: Feb 2, 2022

Description

Owner financing available on this 10-unit mobile home park. Units have been reconditioned and include 8 mobile homes, one 2200 sf 3 bdrm 2 ba home with 2 car garage, an additional 1 car garage for storage, and an efficiency. This property is a cash cow grossing machine producing more than $100,000 per year at 6.5% Cap. Many of the rents have not been raised in 3 yrs. At market rents this park will operate at 7.7% CAP rate. All homes have had extensive remodeling. Park models include 3 three bdrm 2 bath homes, 1 two bdrm 2 bath home, 5 two bdrm 1 bath homes, and one efficiency. All models including efficiency have washers and dryers and solid surface flooring. No carpet. All models are owned by park. 100% leased! Owner financing available with 25% down.

Amenities

  • Storage
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Park Information

Number of MH Lots: 10
Total Occupancy: 100.0 %
Year Built: 1990

Financial Information (Actual)

Gross Income: $104,916
Operating Expense: $46,134
Net Operating Income: $56,160
Expense Ratio: 44.0 %

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $874