Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 9.7%
  • Listing ID: 19956
  • Posted On: Mar 3, 2011
  • Updated On: Mar 7, 2013

Description

CLEAN CLEAN CLEAN. LOW TURNOVER! NICE AREA! 9 space MH park and house on 7.48 acres. Likely the cleanest, neatest park you've seen! Exceptionally well maintained. House (1250 sq ft), two garages with workshop, picnic shed and three park-owned mobiles on lots, plus 6 additional spaces currently rented . Most of the tenants have modified their homes in such a way that they would be difficult to move- ensuring long term low turnover. Good pay history too. Part of house square footage is less than 7 feet. Cute as a button bungalow for owners- or another rental. In the pro forma numbers we have conservatively projected the house to rent at $600/month, and double garage outbuilding to rent at $150/month. All other figures are from actual income and expense.. Increase in lot rent is LONG overdue- so the cap rate could be higher. More income also possible from rental of single car garage/workshop . Up to three more septic systems and pads could be added on the undeveloped three acres (per Miller's Creek Township septic rules). Seller would agree to hold SMALL note- no more than 15% of contract price. No drive-bys please. Contact List agent.

Location

285 Sassytree Lane, WIlkesboro, NC 28697

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 9
Total Occupancy: 100.0 %
Average MH Lot Rent: $135
Size: 8 acre(s)

Financial Information (Pro Forma)

Gross Income: $33,900
Operating Expense: $6,933
Net Operating Income: $26,967
Expense Ratio: 20.5 %

Lot Information

Singlewide Lots: 9

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 4
Average Rent for Park-owned Homes: $425

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