Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.8%
- Listing ID: 4237336
- Posted On: Jan 4, 2024
- Updated On: May 31, 2024
Description
This community features 87 lots with 57 currently occupied, one of which is occupied by the on site managers. There are currently 57 tenant owned homes.. The property offers upside to new ownership through lot rent increases and infill. With all utilities being direct billed to tenants, this property offers a new owner the ability to quickly increase revenue, without increased expenses. Current ownership has raised lot rents closer to the market rate, while still leaving obtainable upside for new investors in a stabilized community.
There are currently on site managers and an office building at the property, making this an easy transition for both local owners and out of state investors looking to grow their portfolio. Current managers assist with leasing, rent collection, repairs and maintenance, and other day to day operations.
The property also has room for future expansion, offering new ownership the ability to further increase their future value.
Contact Broker for Additional Details
Location
Princeton is the largest city and the county seat of Gibson County, and is part of the Evansville MSA. The population of Princeton is nearly 9,000 residents. The town is 30 miles North of Evansville, IN offering an easy commute for tenants in the area.
Major employers in the area include Toyota Manufacturing, Aerotek, Hansen Corp., Gibson County Coal, and Walmart, as well as several smaller manufacturing corporations, hospitals, and public services. These businesses are responsible for over half of the employment in Princeton, offering a diversified labor industry in the area.
In 1996 Toyota invested over $1 billion in the local manufacturing plant. The plant currently has over 7,000 employees at their Princeton location.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 87 |
| Total Occupancy: | 67.0 % |
| Average MH Lot Rent: | $350 |
| Size: | 13 acre(s) |
Financial Information (Actual)
| Gross Income: | $236,880 |
| Operating Expense: | $84,861 |
| Net Operating Income: | $155,000 |
| Expense Ratio: | 35.8 % |
Lot Information
| Singlewide Lots: | 87 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 2 |
| Average Rent for Park-owned Homes: | $775 |
