Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 3.2%
- Listing ID: 3818689
- Posted On: Oct 12, 2023
- Updated On: Jul 2, 2024
Description
This property offers new ownership a value add opportunity with staggering upside. The property offers severely below market rents, vacant park owned homes, and infill opportunities, all with individually metered utilities for each lot and low overhead!
This property is a single parcel mobile home community with 41 individually metered lots and City maintained roads. The property has been owned by the same family for two generations, offering new ownership an opportunity to acquire an under performing property with a large amount of upside.
Current in place lot rents are a modest $55 to $65 per month, with realistic market rents in the mid to high $200s. This offers new ownership a significant amount of obtainable upside through gradual lot rent increases.
Currently there are 5 vacant Park Owned Homes on site, which would allow new ownership the added benefit of park owned home, or rent to own contract sale income. Current ownership has valid titles for all park owned homes in hand.
- City maintained roads including snow removal services
- Tenant maintained lots
- Direct billed utilities
Location
County seat of Holt County, Nebraska with a population in excess of 3,000.
-Within commuting distance of the 8th largest City in Nebraska.
O'Neill is conveniently located on highway 281 and highway 20, making ingress and egress simple.
The largest employment types in O'Neill are: Healthcare, Education, Government, and Agriculture.
O'Neill provides housing to numerous communities and is is in
close proximity to several towns:
Atkinson, NE- 20 miles
Stuart, NE- 28 miles
Niobrara, NE- 50 miles
Yankton, SD - 90 miles
Situated on the edge of town this property is excellently situated
within close proximity of various amenities including Subway,
McDonalds, Dairy Queen, multiple gas stations and easy access to
Highway 20/275.
This property offers its tenants a home within walking distance of
dining, banking, retail stores and more.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 41 |
| Average MH Lot Rent: | $55 |
Financial Information (Actual)
| Gross Income: | $16,284 |
| Operating Expense: | $3,405 |
| Net Operating Income: | $12,879 |
| Expense Ratio: | 20.9 % |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 6 |
| Average Rent for Park-owned Homes: | $65 |
