Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Listing ID: 1706589
  • Posted On: Jul 5, 2022
  • Updated On: Nov 8, 2022

Description

For Sale by Owner - 24 total spaces with 22 occupied. 2 spaces are partially developed. Community has 9 TOH, 9 LOP, and 4 POH rentals. Electrical park infrastructure was redone in past 5 years. Almost all water water lines have been replaced in same time frame. Municipal water billed back to tenants using remote read (cell phone tower) meters. 3 street side homes are direct billed for water. All electric direct billed. Community has a recently added children's playground and picnic area. Over $150,000 has been spent over the past 2 years bringing in homes, rehabbing vacant POHs, paving roads, and improving infrastructure. There is a maintenance building onsite. Homes are on 2 x 1 and 1 x 1 septic systems. Currently running at $75k NOI on lot rent. Asking 7.0% cap rate on lot rent, 90% of LOP note value, and shell value on 4 rentals. Family oriented and good tenant base. Local manager who is also a well connected local contractor - would very likely stay on managing community. Please do not disturb any tenants or manager as they are unaware of any sale. Terms Negotiable. Have indicative debt quote for buyer
@ $750,000 with attractive terms.

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Park Information

Number of MH Lots: 24
Total Occupancy: 92.0 %
Year Built: 1980
Average MH Lot Rent: $350
Size: 3 acre(s)

Financial Information

Net Operating Income: $75,100

Lot Information

Singlewide Lots: 24

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 4
Average Rent for Park-owned Homes: $300

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