Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Listing ID: 3157692
  • Posted On: Jun 16, 2023
  • Updated On: Jan 8, 2024

Description

The Andrews Mobile Home park is located in a quiet rural area on the outskirts of Franklin, Kentucky, approximately 24 miles from Bowling Green, KY and 44 miles from Nashville, TN. There are 17 lots accommodating full size mobile homes plus 1 park model/RV lot. 14 of the 17 lots plus the park model lot are occupied. 9 are occupied with park owned homes , the other 5 spaces plus the park model lot are lot rents. 3 full size spaces are empty, some of which need updating with new electrical pedestals. There is additional acreage adjacent to the developed property, also included in this listing, which contains the leach field (updated 2017) for the park. Owners are working on plans for development of another estimated 3-4 spaces on this adjacent acreage. Property is priced pro forma to account for full occupancy (3 empty lots and 3 additional lots at current rates of $250 per month). Expenses used include local park manager / maintenance supervisor currently retained for the property and amenable to working for new owners. Lot rents have not been raised for 8 years. Utilities are tenant paid, with the exception of property lightning.

Location

1425 Hatter Rd - Franklin, KY 42134

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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 77.0 %
Average MH Lot Rent: $250
Size: 6 acre(s)

Financial Information (Pro Forma)

Gross Income: $87,000
Operating Expense: $32,000
Net Operating Income: $55,000
Expense Ratio: 36.8 %
Debt Info: Property Operates Debt Free

Lot Information

Singlewide Lots: 16
Park Model Lots: 1

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 9
Average Rent for Park-owned Homes: $606

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