Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.8%
- Listing ID: 3443526
- Posted On: Jul 25, 2023
- Updated On: Oct 19, 2023
Description
Pocahontas Villa is a 32 lot mobile home community with 24 lots currently rented.
The property is served by city water and sanitary sewer, both of which are bill back to the tenants. Trash services are also billed back to the tenants.
Upside is available and attainable by increasing lot rent to current market value. Currently average lot rents are $225 and have not been raised in several years. Market rents in the area range from $275- $325 for similar properties.
Additional upside is available through contract sales of POHs, giving new ownership the opportunity to increase income while simultaneously lowering operating expenses related to park owned homes.
The current owners utilize an on site manager that has been managing the property for the last two owners. This makes the property an easy transition for both local and out of state owners.
Current ownership has remodeled 9 of the park owned homes and placed quality tenants. Owners have also resealed the roofs of the park owned homes and have remodeled the park owned home decks. Work was done by a local contractor who would be able to handle future projects for new ownership.
Location
Located approximately 40 miles from the Fort Dodge metro (25,000 approximate population), the City of Pocahontas is the County seat of Pocahontas County, Iowa.
Park Information
| Number of MH Lots: | 32 |
| Total Occupancy: | 75.0 % |
Financial Information (Actual)
| Gross Income: | $131,640 |
| Operating Expense: | $39,748 |
| Net Operating Income: | $91,892 |
| Expense Ratio: | 30.2 % |
RV Information
| Average RV Lot Rent: | $225 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - RUBs |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 16 |
| Average Rent for Park-owned Homes: | $350 |
