Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Listing ID: 1959610
- Posted On: Dec 20, 2022
- Updated On: Feb 15, 2023
Description
Overlake Mobile Home Park is a licensed 26 pad park with 22 physical homes at the property with 21 tenant owned and one being prepared to be sold.
Current lot rent is $335 with a planned lot rent increase in March 2023 to $365. Rent Increase notices have been received by the tenants.
All homes have water sub-meters with water billed back each month.
Tenants pay for all expenses for their home with the park paying for trash, water of the general areas, and electricity for a two story building on the property.
Amenities
- Storage
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 26 |
| Total Occupancy: | 85.0 % |
| Average MH Lot Rent: | $335 |
Financial Information (Actual)
| Gross Income: | $94,500 |
| Operating Expense: | $32,600 |
| Net Operating Income: | $61,900 |
| Expense Ratio: | 34.5 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |