Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.0%
- Listing ID: 1564405
- Posted On: Nov 29, 2021
- Updated On: Dec 6, 2022
Description
With low overhead, zero park owned homes, and solid infrastructure, this park will make a great long term investment for a new owner. Lot rents in the area are $325+, leaving plenty of upside for a new owner through raising lot rent to the appropriate level.
The park features high pressure plastic sewer mains, a sealed asphalt road that is maintained entirely by the city, and room to develop another ten lots on the east side of the property. Tenants maintain their own yards and the city provides snow removal for the main road. Currently, the owners pay for sewer and trash service which are included in lot rent.
Location
This mobile home park is located less than 30 minutes from the Iowa City metro. The property has direct highway access to the local Tyson Foods Plant near Columbus Junction Iowa less than 10 miles from the park. The park has many long term tenants, and the area itself has a high demand for affordable housing.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 20 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1980 |
| Average MH Lot Rent: | $197 |
| Size: | 6 acre(s) |
Financial Information (Actual)
| Gross Income: | $44,364 |
| Operating Expense: | $19,082 |
| Net Operating Income: | $25,282 |
| Expense Ratio: | 43.0 % |
Lot Information
| Singlewide Lots: | 20 |
Utility Information
| Water: | Well |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
