Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Land: This is land for developing a mobile home park
  • Cap Rate: 0.0%
  • Listing ID: 441953
  • Posted On: May 7, 2014
  • Updated On: Aug 7, 2014

Description

Amazing property with 950 ft of shoreline on Lower Gar Lake encompassing 4.55 acres. This tree-lined strip of property currently has 41 tenant-owned mobile homes with yearly rental income of $159,600. It is 100% occupied. This is a seasonal park, open mid April through mid October. In addition, across the road off lake is another 19.44 acres, currently farmland which is rented and could be developed into more mobile home lots, condos, patio homes, a resort, etc. The Possibilities are Endless! By boat, this property has access to Lower & Upper Gar Lakes, Lake Minnewashta, East Lake Okoboji and West Lake Okoboji. Offered for sale at $3,950,000. Call for details/financials. Tracey at Carlson-Sanderson Real Estate, 1306 18th Street, Suite C, Spirit Lake, Iowa 51360. Office: 712-336-3405, Fax: 712-336-3406, Agent's Cell: 712-330-0837.

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Park Information

Community Type: All Age
Number of MH Lots: 41
Total Occupancy: 100.0 %
Year Built: 1974
Average MH Lot Rent: $3,900
Size: 24 acre(s)

Financial Information (Actual)

Gross Income: $159
Operating Expense: $33
Net Operating Income: $125
Expense Ratio: 20.8 %

RV Information

Number of RV Lots: 0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0
Average Rent for Park-owned Homes: $0

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