Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.5%
- Listing ID: 1607181
- Posted On: Feb 17, 2022
- Updated On: Aug 17, 2022
Description
Park has 17 tenant owned trailers and 1 parked owned trailer. Stabilized park with mostly long-term tenants. In a smaller community that recently opened a new medical center that has caused significant demand for housing. Park is on city water and sewer. Park has 5 empty lots that could be filled with mobile homes and rented or sold to tenants. Empty land that could be used for expansion. Listed at an approximate 8.5 cap. Rent increases were on hold due to COVID and need to be made.
Location
Small community where a new medical center was just added thus significantly increasing rents and demand for housing in the area.
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 23 |
| Total Occupancy: | 78.3 % |
| Average MH Lot Rent: | $208 |
| Size: | 9 acre(s) |
Financial Information (Actual)
| Gross Income: | $57,770 |
| Operating Expense: | $23,690 |
| Net Operating Income: | $34,080 |
| Expense Ratio: | 41.0 % |
RV Information
| Number of RV Lots: | 0 |
| Average RV Lot Rent: | $0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
| Average Rent for Park-owned Homes: | $335 |
