Price reduction
119 space mobile home community in the city of Jacksonville -
FOR SALE BY MOTIVATED OWNER-
Community sits on a major highway about 1/4 mile from a newly built Super Walmart-
city sewer / water,
Park bills tenants for electric and water/sewer use.

105 park owned homes(plus 5 rvs)-
95 homes occupied- 5 RVs rented

THE PARK IS CURRENTLY UNDERGOING RENOVATIONS-
This is a 3 phase renovation
Phase I- is to renovate all park homes -there are approximately 10 homes undergoing rehab- then fill all homes, which has been relatively easy considering the location of this community in the city limits of Jville.

Then pass thru water and sewer use to each tenant.(eff NOV 2013)

Phase II - Convert all homes to rent to own or to sell homes out right to tenants- lot rent will be $350-$375 per month plus utilities.

Phase III - Resurface all streets , which is currently cracked and weathered. Skirt all homes and replace fencing to improve the appearance of the community.

>*SELLER WILL CONSIDER KEEPING HOMES AND GUARANTEEING LOT RENT TO NEW BUYER

This should have an end result of 115 tenants paying $350 -$375 per month lot rent and paying for their own utilities.
Park has onsite office and laundry
Manager and maint man have worked in the park for 10+ years.
Here is our math based on 115 units paying LOT RENT ONLY
115 UNITS
X $350 LOT RENT
=$40250 MONTHLY GROSS
$483,000 ANUAL GROSS
.35% EXPENSES
$313,000 NET OPERATING INCOME
X 9 CAP 3.47M VALUATION( this does not include any income from homes)

*IF YOU WANT SELLER CARRY YOU'LL NEED 1.0M DOWN MIN

owner carry, owner finance,fsbo,