Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 9.5%
Listing ID: 3400800
Posted On: Jul 20, 2023
Updated On: Sep 19, 2023

Description

Albia Mobile Home Park is a 33-pad affordable home community located on 2.91 acres in Albia, IA. The park is believed to have been constructed in 1990. The property is zoned multi-residential 3+(MHP) and the park is presently in compliance. The park is not located in a flood zone. The park has an onsite manager. The park utilizes various companies & individuals for maintenance.

The size of the pads were not provided to the listing agent. There are no vacant trailers that need to be removed from the premises. Of the 33-pads in the park, 19-pads are occupied by tenant owned homes averaging right at $290/month, four are vacant POH's, and nine are empty pads ready for infill. The rent for the TOH's is being increased on October 1st, 2023. The pad rental rate was last raised in October of 2022. All of the pads have electric, water, & sewer to the site. The park utilizes leases and currently has a combination of annual & month/month (TOH) leases. Currently none of the tenants are behind in rent.

CITY WATER & SEWER!!! The composition of the water pipes was not provided to the listing agent. The amperage of each electrical meter was not provided to the listing agent. The park has electric meters & gas meters to each pad and is directly billed by the provider. The park is currently paying for the water bill so adding meters might offer a value-add component for the next owner (currently utilizing RUBS). The roads through the park are concrete and are considered to be in "good" condition by the current owner. The tenants are responsible for mowing their own space. The park mows the empty pads and common spaces. The park takes care of snow removal (as needed). The park provides garbage service (individual service).

Since the owners have purchased the park they have made several improvements:

•Established a stable tenant base by evicting five tenants for various offenses
•Installed playground
•Renovated previously unusable/unsafe storm shelter
•Demolished five homes
•Raised rents closer to market levels
•Implemented RUBS
•Installed reliable on-premise park manager and deployed institutional grade operational infrastructure to enable seamless remote management.

Additional DD items can be found in the deal room:

https://drive.google.com/drive/folders/1VuOh8vRX4Y4PSmBc4xgzTxGvZ8vEWQK1?usp=sharing

MR. LANDMAN, LLC is a licensed real estate firm in the State of Iowa under license #F06199000. Jonathan Fisher is a licensed broker in the State of Iowa under license #B68919000.

Location

Albia is a city in and the county seat of Monroe County, in southern Iowa. The population was 3,721 at the 2020 census. The city of Albia is known for its historic square and city-wide Victorian Architecture. Albia is also known for the annual "Restoration" days celebration which commemorates the refurbishment of the square and the town which began in the mid-1960s.

Albia is approximately:
64 miles from Des Moines
72 miles from Mount Pleasant (sister park in this portfolio of three MHP's)
99 miles from Iowa City
123 miles from Cedar Rapids (sister park in this portfolio of three MHP's)

Monroe County is a county located in the south central part of Iowa. In the early 20th century, it was a center of bituminous coal mining and in 1910 had a population of more than 25,000. As mining declined, people moved elsewhere for work. In the 2020 census, the population was 7,577. The county seat is Albia. The county, originally called Kishkekosh County after a famous chief of the Meskwaki, was renamed for James Monroe, fifth President of the United States.

As one might expect Albia's economy is highly agricultural driven.
Here are some of the largest employers in Albia:
•Cargill
•RELCO Locomotives
•Ajinomoto Health & Nutrition
•Superior Machine
•Iowa Aluminum
•AYM Inc.
•Preferred Wholesale
•Monroe County Hospital & Clinic
•Hawkeye Molding
•Zero Connect
•Albia Public Schools

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