Mobile Home Park Details
- Purchase Method: Assumable Loan
- Cap Rate: 7.0%
- Listing ID: 15394
- Posted On: Aug 17, 2010
- Updated On: Feb 3, 2014
Description
Ridgecrest is a well managed, well cared for park catering to retirees as does the area of Ormond and Daytona Beach. Rental rates are reasonable for this community that has catered to seniors for many years. The area offers a great amount for retirees to do, including the great weather, fishing and visiting the local attractions close by in Orlando, the Daytona International Speedway and the Kennedy Space Center. This investment offers good returns with in-place financing at an excellent rate. The owner is in the process of renovating the 12 vacant mobile homes now for sale offering upside in rental income. Also, the RV secition has vacant sites available as well.
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Park Information
Community Type: | 55 And Over |
Number of MH Lots: | 125 |
Total Occupancy: | 84.0 % |
Year Built: | 1950 |
Average MH Lot Rent: | $355 |
Size: | 9 acre(s) |
Financial Information (Actual)
Gross Income: | $455,811 |
Operating Expense: | $219,096 |
Net Operating Income: | $236,715 |
Expense Ratio: | 48.1 % |
Debt Info: | $2.550M, 5.5%, 30 yr due 10/2015 |
RV Information
Number of RV Lots: | 23 |
Average RV Lot Rent: | $210 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |