Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 10.0%
- Listing ID: 455806
- Posted On: Jun 17, 2014
- Updated On: Feb 15, 2016
Description
Fairmont Estates is a 125 site mobile home park located in Fairmont, MN. Highlights include:
No community owned homes.
No home sale contracts.
Lot rent is $155, plus residents pay water and sewer.
City water, city sewer. One meter.
Homes sub-metered for water and
sewer in 2013.
Manager lives off site and would like to stay on with the new owner.
Streets hard surface and in average condition.
Personal property conveyed in the sale include a Ford loader, lawn tractor and other assorted items.
Resident profile: Mix of retired and family / single.
This is a rare opportunity to purchase a manufactured home community with good infrastructure and streets, which nice homes and yards. The owner acquired Fairmont Estates in 1989. The reason for the sale is that all of the owners other manufactured home
communities are within 40 miles of his office. Fairmont is 5 hours away. This community has been well maintained. The residents have been screened. Rent collections are strong and delinquent rent is rare.
The last rent increase was in 2009.
There is a 32 x 42 (1,344 sf) metal pole building on the property.
The office is 22 x 28 (616 sf).
Park Information
Community Type: | All Age |
Number of MH Lots: | 125 |
Total Occupancy: | 75.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $155 |
Size: | 34 acre(s) |
Financial Information
Gross Income: | $209,479 |
Operating Expense: | $71,327 |
Net Operating Income: | $138,152 |
Expense Ratio: | 34.0 % |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |