Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 9.1%
- Listing ID: 2192379
- Posted On: Mar 16, 2023
- Updated On: Sep 11, 2023
Description
3 Park Portfolio - 2 parks in KY & 1 in WV
- Incredible Value-Add Opportunity – With rents significantly under market, and some vacancy, this portfolio allows a new investor to both push rents and lease up to capitalize on a much higher proforma return.
- Lower Maintenance/Expenses – These parks boast 96% land leases with tenant owned units, leaving less ongoing maintenance and expenditures for the landlord.
- New Infrastructure Upgrades (Wurtland Park) – Each lot on the Wurtland park is individually metered with recently added utility lines, making this the case on the entire portfolio.
- Minimal Utility Responsibilities – Mostly units utilize public utilities, which offers the landlord a more passive stream of income and ownership.
- Pad Flexibility – Ability to quickly infill spaces with RVs & Campers since utilities are already set up
Location
1361 Headquarters Rd, Carlisle, KY 40311
1401 Wurtland Ave, Wurtland, KY 41144
1005 15th St, Kenova, WV 25530
Park Information
Total Occupancy: | 60.0 % |
Average MH Lot Rent: | $190 |
Financial Information (Actual)
Gross Income: | $77,532 |
Operating Expense: | $18,254 |
Net Operating Income: | $59,278 |
Expense Ratio: | 23.5 % |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | Treatment Plant |