Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 12.0%
- Listing ID: 442083
- Posted On: May 8, 2014
- Updated On: Apr 8, 2017
Description
Park consists of 37 Pads, 16 owned homes on public water and sewer. Homes are well spaced and lots approx.6,000 to 8,000 S.F.in size. Paved roads on 7.15 acres. Numerous renovations completed in the last 15 months. The Seller has a great team that helps manage the park and has a "Jack of all Trades" maintenance person. The Subject property has never looked so good, with great tenants that are proud to live in the park . There are 5 vacant pads that could be rented immediately for potential revenue, and there are 3 proposed lots that have been approved by the State that could be developed. Seller installed 2 new street lights in 2013. A new new underground water lines installed to 13 of the homes in 2014. The grounds are manicured and kept cleaned and he will include with the sale a riding lawn mower, a push lawn mower and edger that the maintenance person uses to maintain the grounds. The current maintenance person may be wiling to continue in this role for a new owner.
Location
Rural setting and close to Town
Park Information
Community Type: | All Age |
Number of MH Lots: | 37 |
Total Occupancy: | 90.0 % |
Year Built: | 1979 |
Size: | 7 acre(s) |
Financial Information (Actual)
Gross Income: | $186,240 |
Operating Expense: | $75,052 |
Net Operating Income: | $111,188 |
Expense Ratio: | 40.3 % |
Lot Information
Singlewide Lots: | 30 |
Doublewide Lots: | 1 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 16 |
Average Rent for Park-owned Homes: | $675 |