Contact Information

Mobile Home Park Details

  • Price: $1,700,000
  • Purchase Method: Cash, Seller Financing, New Loan
  • Listing ID: 3631447
  • Posted On: Sep 1, 2023
  • Updated On: Oct 4, 2024

Description

Mobile home park with a huge upside. I bought the park 3 years ago. I have completed substantial work on the park, including new septic pumps. The roads have just been re-graveled. I have recently bought and installed 5 new homes that are valued at $85,000 each. All but 7 homes have been remodeled. There is a huge upside to the park as there are 7 homes to be remodeled and 6 empty lots with installed utilities. Futhermore, there is an additional 3 acres of land to expand. I have just installed a metal roof on 1 of the double wide's and I am starting to remodel it. All of the homes that have been remodeled have been being freshly painted. The park is continuously being upgraded. I have recent surveys on the property. It has taken 2 years to change the atmosphere of the park into a thriving family community. I have a great group of tenants now with pride in where they live. I have replaced the roads and remodeled the homes. The park is set up on a septic system which pumps out to the city sewer. The septic pumps are 1 year old and under warranty. All utilities are billed directly to the tenants. I had plans to add a laundromat and a small playground. There is enough room to add 15 to 20 homes immediately for those looking to expand. An additional 3 acres of woods are available with septic lines installed. This park has a huge upside with the planned additions. As of may 1st 4 homes have been remodeled of the 7 empty. I am motivated to sell. Please do not disturb the tenants!

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Park Information

Community Type: All Age
Number of MH Lots: 40
Total Occupancy: 80.0 %
Size: 9 acre(s)

Financial Information (Actual)

Gross Income: $147,000
Operating Expense: $39,451
Net Operating Income: $100,199
Expense Ratio: 26.8 %

Lot Information

Singlewide Lots: 22
Doublewide Lots: 4

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 19
Average Rent for Park-owned Homes: $692