Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 5.1%
- Listing ID: 1700000
- Posted On: Jun 28, 2022
- Updated On: Jul 23, 2022
Description
Value add 3 Park Portfolio located in Southeastern Pa.
******Year 1 Cap Rate 5.1%*********
-Price non negotiable-
1st Park: 20 unit in Chester County. 55+ Community. Lot rent is 520/mo. All new development. 100% occupied. Public water and sewer. 100% tenant owned homes. Tenants pay all utilities except trash All tenant owned homes
2nd Park: 20 unit in Chester County 55+ Community. Lot rent is 510/mo. 16 units occupied 4 empty lots to be filled. Permits are in hand to bring in new homes. Public sewer, private water. Public water is available. Tenants pay all utilities except for trash and electric for street lighting and well pump. All tenant owned homes
3rd Park: 18 unit in Lancaster County. All age community. Lot rent 320/mo. 100% occupied. Public water and sewer. Public transportation. Tenants pay all utilities except for trash and electric for street lighting. All tenant owned homes
All parks have Metron remotely read water meters installed.
********Value add********* Bring in additional four lots, permits are in hand. Bring lot rents up to surrounding area median rents. Bill back trash
Park Information
| Community Type: | 55 And Over |
| Number of MH Lots: | 58 |
| Total Occupancy: | 93.0 % |
| Average MH Lot Rent: | $450 |
Financial Information (Actual)
| Gross Income: | $285,720 |
| Operating Expense: | $84,325 |
| Net Operating Income: | $201,395 |
| Expense Ratio: | 29.5 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |