Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 1.8%
- Listing ID: 2056561
- Posted On: Feb 14, 2023
- Updated On: Mar 27, 2023
Description
This property features 27 pads with 7 currently occupied. All 7 homes
are currently Tenant Owned.
The property is served by city utilities, all of which are separately
metered and direct billed to the tenants. This offers new ownership
increased income through infill and lot rent increases, without added
expenses to the bottom line. There is a strong demand for affordable
housing in the area, with major employers located in nearby
Pocahontas, IA which has a hospital, multiple schools, and
manufacturing plants.
Currently, lot rent is set at $100 per month, well below the area
average of $250+ in this area. This property offers upside by raising
lot rent to meet the current market. Additional upside is available
through infill at an updated lot rent rate.
Location
Laurens is a farming community located in Pocahontas County, IA.
The town is a 10 minute drive from the county seat in Pocahontas,
IA. Pocahontas has several employers including a local hospital,
multiple schools and manufacturers.
The town of Laurens is also roughly an hour from the communities
of Fort Dodge, Eagle Grove, Spencer, and Clear Lake. All of these
areas have manufacturing, food packing, and large scale
agricultural industries, leading to strong demand for affordable
housing in the surrounding areas.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 27 |
| Total Occupancy: | 25.0 % |
| Year Built: | 1981 |
| Average MH Lot Rent: | $100 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $7,950 |
| Operating Expense: | $2,760 |
| Net Operating Income: | $5,191 |
| Expense Ratio: | 34.7 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
