Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.4%
  • Listing ID: 3568887
  • Posted On: Aug 24, 2023
  • Updated On: Dec 21, 2023

Description

- Incredible Value-Add Opportunity: This property offers an exceptional value-add opportunity with below-market rents. The potential to optimize rental income provides a strategic advantage for investors seeking to enhance the property’s overall return on investment. By implementing a comprehensive strategy, there exists significant potential to capture the increasing demand for quality housing within the growing Macon market.

- Public Utilities and Utility Billing Back: The property benefits from the presence of public utilities, contributing to the ease of management and operational efficiency. Additionally, the property boasts the capability to bill back all utilities to tenants, creating a potential additional revenue stream that can further enhance
the property’s financial performance.

- Room for Expansion: The offering includes an enticing potential for expansion. The property’s layout and configuration offer room for growth and development, providing investors with the unique possibility to optimize the use of space and maximize the property’s potential for long-term appreciation.

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Park Information

Community Type: All Age
Number of MH Lots: 95
Total Occupancy: 59.0 %
Year Built: 1990
Average MH Lot Rent: $275
Size: 26 acre(s)

Financial Information (Actual)

Gross Income: $320,000
Operating Expense: $76,000
Net Operating Income: $244,000
Expense Ratio: 23.8 %

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 62
Average Rent for Park-owned Homes: $600

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