Mobile Home Park Details
- Purchase Method: Cash, Seller Financing
- Cap Rate: 11.0%
- Listing ID: 393215
- Posted On: Aug 11, 2013
- Updated On: Dec 9, 2013
Description
Stable 31 lot mobile home park on 6.41 acres with undeveloped land of 2.87 acres for expansion. Park is on sewers and water is individually metered and billed directly to tenants. On an adjacent land tract is a 1,900 SF 3 bedroom, 2 bath house with metal roof including a 1,620 SF metal barn all on .75 acres. Adjacent to this tract is a 1.72 acre land tract with a 1,080 SF metal barn. Approximately 16-20 lots could be added on the undeveloped land on the MHP tract.
The house has an office with side door opening to MHP where the original owner lived and operated the park, It is currently rented but would make great residence for an onsite manager. Gross annual rents are $68,340
Location
The property is located in Springfield, KY and is the only mobile home park in the area. Springfield is 1 hour Southeast of Louisville, KY with an MSA population of more than 1.3 million and 1 hour Southwest of Lexington, KY with an MSA population of 472,000.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 31 |
| Total Occupancy: | 97.0 % |
| Year Built: | 9999 |
| Average MH Lot Rent: | $175 |
| Size: | 9 acre(s) |
Financial Information (Actual)
| Gross Income: | $68,340 |
| Operating Expense: | $12,487 |
| Net Operating Income: | $53,803 |
| Expense Ratio: | 18.3 % |
Lot Information
| Singlewide Lots: | 31 |
| 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 |
