Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 9.7%
- Listing ID: 3657702
- Posted On: Sep 7, 2023
- Updated On: Jan 17, 2024
Description
Value add and below market rents. Local banks willing to lend at 80% LTV. No rent raise in over 1 year. Perfect new park owner opportunity.
Both parks City sewer/water direct billed to tenants. One park with roads maintained by the city. Manager in place that can handle management of both parks for cost savings if needed.
64 total lots
53 MHs
33 POHs (10 RTOs)
20 TOHs
11 Vacant lots
Immediate upside (3-6 months):
1) rent raise across the parks $50-$75 which will still be under market (+$2.4k/mo)
2) 3 POHs vacant, rehab and rent/RTO at market rents (+$1.8k/mo)
For Sale By Owner
Location
1 park in Augusta, KS
1 park in Burrton, KS
Amenities
- Storage
Interested in purchasing this mobile home park? Get pre-qualified for a loan.
Park Information
Number of MH Lots: | 64 |
Total Occupancy: | 83.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $250 |
Size: | 10 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $246,000 |
Operating Expense: | $81,180 |
Net Operating Income: | $164,820 |
Expense Ratio: | 33.0 % |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |