Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 9.0%
- Listing ID: 17069
- Posted On: Oct 5, 2010
- Updated On: Sep 30, 2011
Description
Pinetree Mobile Home Park is a 14 site, all-age community located in historic Grand Lake, Colorado. On site there is also a four-plex apartment building.
Grand Lake is located in the heart of the Rocky Mountains, only one mile from the western entrance of Rocky Mountain National Park. It is approximately 98 miles from Denver and 36 miles from Winter Park.
Pinetree is one of the few affordable housing options in the town of Grand Lake. Because of its in town location, occupancy is always near 100 percent. There is a four-plex on site that consists of two one-bed, one-bath apartments that are 550-square feet and two two-bed one-bath apartments that are 650-square feet. They rent between $600 - $650 per month.
The mobile home sites consist of all tenant-owned homes and lot rent ranges from $290 to $310 per month. Rent Includes water, sewer and trash. There is one vacant site that will accommodate a small home or RV.
There is an off-site manager that lives in Grand Lake who takes care of the day-to-day operations. He is compensated $25 per hour, not to exceed $300 Per Month.
Location
Grand Lake is located in the heart of the Rocky Mountains, only one mile from the western entrance of Rocky Mountain National Park. It is approximately 98 miles from Denver and 36 miles from Winter Park.
Park Information
Number of MH Lots: | 14 |
Total Occupancy: | 94.0 % |
Year Built: | 1972 |
Average MH Lot Rent: | $310 |
Financial Information (Actual)
Gross Income: | $76,260 |
Operating Expense: | $29,012 |
Net Operating Income: | $47,248 |
Expense Ratio: | 38.0 % |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | City |