Contact Information
Jason Bergan
License: S65228000
Mobile Home Park Details
- Price: $505,000
- Purchase Method: Cash, New Loan
- Cap Rate: 9.2%
- Listing ID: 1937391
- Posted On: Nov 21, 2022
- Updated On: May 13, 2024
Description
This mobile home park is located just outside of Riverside, IA. The park sits on 2 acres, but the land for sale includes 5 extra acres, which allows for a new owner to develop at least another 25 lots on the proposed land shown in the overview.
The property is currently served by a private well system and 5 individual septic tanks. Current ownership pays for water and does landscaping and snow plowing. Tenants pay all other utilities directly.
Location
Riverside, IA is located off of US HWY 218 less than 20 minutes from Iowa City. It is home to roughly 1,000 residents and the Riverside Casino and Golf Resort. The town has seen many recent housing developments in recent years. This property offers affordable housing to an area with high job demand and a growing population.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 13 |
| Total Occupancy: | 92.0 % |
| Year Built: | 1985 |
| Average MH Lot Rent: | $320 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $64,800 |
| Operating Expense: | $18,504 |
| Net Operating Income: | $46,296 |
| Expense Ratio: | 28.6 % |
Lot Information
| Singlewide Lots: | 13 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 7 |
| Average Rent for Park-owned Homes: | $535 |
