Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 7.0% (Actual)
- Listing ID: 2603296
- Posted On: Apr 24, 2023
- Updated On: Oct 29, 2023
Description
Big Elm MHC is a quiet community that is near the Mississippi River with many long term residents. Some homes are under RTO to be purchased outright by the resident.
Overall the community is 88 percent occupied with current inventory. Demand is strong. Bring in more homes to fill up the empty spaces and you will really Cash Flow. Great Investment for experienced operator to Expand your Portfolio.
Park Highlights:
87 spaces
36 TOH
13 POH
3 Storage Facilities
35 Empty Lots
6 RTO- $575
Lot rent currently $340
Low Taxes- $7500
City Water and Sewer (Resident Pays)
Low Expenses
Residents pay at Local Bank
Additional Lots for RV Space
20 Storage Units on Site
Manager lives onsite
Single Family Home Included
Text or email Matt for additional details
989-704-3454
Pilotinvestor135@gmail.com
Amenities
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 87 |
Total Occupancy: | 56.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $340 |
Size: | 20 acre(s) |
Financial Information (Actual)
Gross Income: | $186,000 |
Operating Expense: | $30,000 |
Net Operating Income: | $156,000 |
Expense Ratio: | 16.1 % |
Lot Information
Singlewide Lots: | 87 |
RV Information
Number of RV Lots: | 35 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 17 |
Average Rent for Park-owned Homes: | $550 |