Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 8.0%
- Listing ID: 3400811
- Posted On: Jul 20, 2023
- Updated On: Sep 19, 2023
Description
Mount Pleasant Mobile Home Park is a 17-pad affordable home community located on 1.45 acres in Mount Pleasant, IA. The age of the park is unknown. The property is zoned multi-residential (MHP) and the park is presently in compliance. The park is not located in a flood zone. The park has a 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 17-pads in the park, nine pads are occupied (all nine are tenant owned homes) averaging right at $250/month, three are vacant POH's, and five 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 was recently sub-metered and is back billing the water to the tenants. The roads through the park are gravel 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 (dumpster).
Since the owners have purchased the park they have made several improvements:
•Evicted one tenant
•Installed water meters
•Removed two large trees from the property
•Raised rents closer to market levels
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
Mount Pleasant is a city in and the county seat of Henry County, Iowa. The population was 9,274 in the 2020 census, an increase from 8,668 in the 2010 census. It was founded in 1835 by pioneer Presley Saunders.
Mount Pleasant is located:
49 miles from Iowa City
72 miles from Albia (sister park in portfolio)
73 miles from Cedar Rapids (sister park in portfolio)
136 miles from Des Moines
Henry County is a county located in the U.S. state of Iowa. As of the 2020 census, the population was 20,482. The county seat is Mount Pleasant. The county was named for General Henry Dodge, governor of Wisconsin Territory.
Iowa is a very business friendly, landlord friendly state. Here is a list of the largest employers in Henry County, IA.
•Mount Pleasant Community School District (350 employees)
•Hearth & Home Technologies (300 employees)
•Continental Contitech (285 employees)
•CECO/NCI Building Systems (242 employees)
•Henry County Health Center (230 employees)
•Mount Pleasant Correctional Facility (229 employees)
•Mackay Mitchell Envelopes (206 employees)
•Lomont Molding (161 employees)
•Walmart Super Center (155 employees)
•Iowa Wesleyan University (122 employees)
•Eichelberger Farms (98 employees)
•Jabil (90 employees)
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 17 |
| Total Occupancy: | 53.0 % |
| Year Built: | 1965 |
| Average MH Lot Rent: | $250 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $31,786 |
| Operating Expense: | $15,856 |
| Net Operating Income: | $15,930 |
| Expense Ratio: | 49.9 % |
Lot Information
| Singlewide Lots: | 17 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
