Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 5.6%
  • Listing ID: 1747150
  • Posted On: Aug 31, 2022
  • Updated On: Nov 21, 2022

Description

Rob Glen Estates MHP is located in Smith Falls Ontario Canada, it has 47 lots that have enjoyed 100% occupancy for the past ten years. The only park owned home is a large home given to the onsite park manager, the other homes are in great condition and are owned by the tenants. The park has low rents and water and sewer are paid by the park. Given the cost of living in Canada, this community is one of the most affordable places to live in the entire region.

The current owners are out of the country and rarely make visits to park, it is currently run absentee with the park manager handling landscaping, repair, tenant issues, mowing, and snow removal.

The upside to the park is it sits on 50 acres with 30 years of raw land that easily could be utilized for expansion. There have been plans for the development, but the current owners are looking to retire and are located out of the country. The 30 acres are included as part of the sale.

Location

The park sits minutes from downtown Smiths Falls Ontario Canada and the park is located adjacent to a popular golf course. The park is located minutes from nearby amenities like food, retail, and grocery. The park is located less than hour drive from the capital Ottawa, Canada.

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Park Information

Community Type: All Age
Number of MH Lots: 48
Total Occupancy: 100.0 %
Size: 50 acre(s)

Financial Information (Actual)

Gross Income: $209,040
Operating Expense: $69,477
Net Operating Income: $139,593
Expense Ratio: 33.2 %

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic