Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 10.1%
- Listing ID: 4542461
- Posted On: Feb 19, 2024
- Updated On: Nov 17, 2024
Description
Great investment opportunity with strong cap rate! 18 space mobile home park - currently occupied with 11 units; 8 park owned, 3 tenant owned. Municipal water (individually metered), individually metered electricity, centralized municipal sewer tap w/pump station, with tenant managed garbage and lawn care. Property has open lots available to immediately accommodate installation of additional units further increasing revenue & profit. Property is roughly 50% developed with additional opportunity for acreage expansion - total property acreage is 5.41 acres. Strong long-term tenancy commitment with tenants of 10+ years, with opportunity for rental increases.
Location
Property is located at Sunset Drive in Wise County, VA nearby to the heart of Appalachia's tourism region, local restaurants, shopping, and within walking distance to the Spearhead Trail ATV/equestrian system.
Park Information
Community Type: | All Age |
Number of MH Lots: | 18 |
Total Occupancy: | 91.0 % |
Average MH Lot Rent: | $465 |
Size: | 5 acre(s) |
Financial Information (Actual)
Gross Income: | $49,800 |
Operating Expense: | $7,791 |
Net Operating Income: | $42,009 |
Expense Ratio: | 15.6 % |
Lot Information
Singlewide Lots: | 18 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 8 |
Average Rent for Park-owned Homes: | $457 |