EA Front Gate
EA Front Gate
EA Front Gate
EA Front Gate
EA People Gate
EA People Gate
EA MHs Painted Ext
EA MHs Painted Ext
EA Driveway
EA Driveway
EA#3 LvngRm
EA#3 LvngRm
EA#19 Lvng Rm
EA#19 Lvng Rm
EA#19 Bdrm
EA#19 Bdrm
EA MH Interior
EA MH Interior
EA MH Interior
EA MH Interior
EA Front Gate
EA Front Gate
EA People Gate
EA MHs Painted Ext
EA Driveway
EA#3 LvngRm
EA#19 Lvng Rm
EA#19 Bdrm
EA MH Interior
EA MH Interior

Mobile Home Park Details

  • Purchase Method: Cash, New Loan, Assumable Loan
  • Cap Rate: 11.5%
  • Listing ID: 427800
  • Posted On: Sep 29, 2015
  • Updated On: Sep 21, 2016

Description

74 space, gated, fully fenced, coded entry, Mobile Home park on 8.4 ac MOL w/ 22 Park Owned MHs w/ ~136 Planned Self-Storage unit potential. Municipal Water, Sewer , Phone, Cable, Electric and Gas onsite, paved city streets and paved driveways. Terrific income property with pot. gross inc. of $500K+ /year if Self-Storage is built out, otherwise ~$435K/year w/park only, pro forma. New owner of ~2 yrs has done most of the "heavy lifting" already, they put $550K into grounds cleanup, perimeter fencing, coded access gate, park infrastructure, MH renovations, and tenant base improvements, is ready to sell for a profit. Located in prime commercial/ transition neighborhood offering employment and services. Easy access to shopping, medical, entertainment, bus lines. 1/2 block to new N/S freeway, currently under construction and expected to increase local property values. Buyer will need to complete some MH renovations. Worth your time to take a look at this offering. ~$700,000 (4.00%) Note is assumable with Note Holder's approval. Lot sizes are estimated, buyer to confirm # of lots that are double vs single vs triple.

Location

The Park is well situated in a transition neighborhood with light industrial, commercial and some residential parcels located within ½ mile of the soon to be completed and highly desired North/South freeway. The addition of the North/South freeway is expected to increase property values in the
neighboring areas. Up and coming neighborhood with investment $$s pouring in.

Amenities

  • Storage
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Financial Information (Pro Forma)

Gross Income: $429,720
Operating Expense: $146,241
Net Operating Income: $264,033
Expense Ratio: 34.0 %

RV Information

Average RV Lot Rent: $350

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 22
Average Rent for Park-owned Homes: $695

Similar Mobile Home Parks for Sale