Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 6.4%
  • Listing ID: 4393771
  • Posted On: Feb 8, 2024
  • Updated On: Jun 5, 2024

Description

Fantastic opportunity to purchase a rare, full-occupancy mobile home community in Brigham City. The property has 37 leased units, including 34 mobile homes, a single-family home, and 2 commercial/retail units. The community is owner-occupied, and no rentals are currently allowed. Lot rent is $515 per home starting June 1, 2024, with the upside in a new owner implementing water/trash passthrough billing, bringing in Fiber Internet, and raising the lot rent to market rate. Current ownership has done extensive capital improvement projects and cleared the path for a Buyer to come in and cashflow from day one. Potential redevelopment of the ~3.09 acres is possible, and the property is a perfect opportunity to collect rent while working through entitlements. Possible partial Seller Financing considered.

Location

Located in Brigham City, Utah. ~3 miles from a Walmart.

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Park Information

Community Type: All Age
Number of MH Lots: 34
Total Occupancy: 100.0 %
Year Built: 1963
Average MH Lot Rent: $515
Size: 3 acre(s)

Financial Information (Pro Forma)

Gross Income: $298,745
Operating Expense: $59,749
Net Operating Income: $238,996
Expense Ratio: 20.0 %

Utility Information

Water: City
Water Paid By: Park
Sewer: City