Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
- Land: This is land for developing a mobile home park
- Cap Rate: 14.0%
- Listing ID: 384414
- Posted On: Jul 3, 2013
- Updated On: Apr 28, 2014
Description
Offered at 14% cap rate (based on 2013 actuals) with very low maintenance! Quiet and clean park nestled among mature trees and located directly across the road from Lake Redfield. Most residents are set up on ACH auto billpay for the monthly rent payments. Connected to City Water and Sewer. The city directly bills residents for water/sewer and garbage. The city also maintains the streets and water meters. Gas, Electric and Cable provided by third parties direct to residents. Just finished a fresh chip seal coat on the asphalt streets. No park owned homes. 45 total lots with 25 occupied by longterm residents. Very easy park to own with opportunity to significantly increase income in new home Lease/Sale Program to fill vacant lots.
Park Information
Community Type: | All Age |
Number of MH Lots: | 45 |
Total Occupancy: | 50.0 % |
Year Built: | 1975 |
Average MH Lot Rent: | $175 |
Size: | 9 acre(s) |
Financial Information (Actual)
Gross Income: | $49,170 |
Operating Expense: | $4,158 |
Net Operating Income: | $45,012 |
Expense Ratio: | 8.5 % |
Lot Information
Singlewide Lots: | 45 |
Doublewide Lots: | 0 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
RV Information
Number of RV Lots: | 0 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |