Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 11.9%
- Listing ID: 3530408
- Posted On: Aug 16, 2023
- Updated On: Jan 5, 2024
Description
Casa Bella is a 3 parcel mobile home community consisting of 31 lots, having 17 units (TOH) currently occupied.
The property is served by city water and sanitary sewer, both of which are currently paid for by the current owner.
Casa Bella offers a new owner to purchase a value add opportunity
located just 20 minutes from Saint Joseph, MO. Currently the owner pays for water, sewer, and garbage which accounts for 80%of the current expenses. This allows a new owner to bill back utilities upon acquisition while also raising lot rents to market over time. By billing back utilities, new ownership could increase their NOI by nearly $25,000 within the first year.
Financial analysis is based off the following:
Increased lot rent by $25 yearly to get to stabilized rent.
Utility Bill Back- owner paid utility expenses account for over 80% of expenses, offering new ownership a large amount of upside by billing back water, sewer, and trash to the tenants.
Location
Savannah, MO:
County seat of Andrew County, Missouri with a population of
approximately 5,000.
15 miles north of St. Joseph, MO having a population of 71,500
residents.
60 miles north of Kansas City, MO having a metro population
boasting 2.4 million residents. The properties are also within close proximity to I-29, improving the Kansas City commute.
Park Information
| Number of MH Lots: | 31 |
Financial Information (Pro Forma)
| Gross Income: | $43,320 |
| Operating Expense: | $25,260 |
| Net Operating Income: | $38,736 |
| Expense Ratio: | 58.3 % |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
