Mobile Home Park Details

Purchase Method: Cash
Listing ID: 4590545
Posted On: Mar 3, 2024
Updated On: Apr 12, 2024

Description

Arma Manor MHP is a charming 16-pad manufactured home park situated on 1.79 acres in Arma, KS. The age of the park is not known by the current owner. Zoned RP-2, the city permits the operation of the MHP under this zoning designation. All tenants conveniently pay their rent through the Rent Manager online portal. Additionally, the park employs a part-time onsite greeter. While the park currently contracts a mowing service, due to downsizing, a maintenance person has not been necessary.

The pads at Arma Manor average 60' x 90'. There are currently zero homes slated for removal from the property. Presently, there are two occupied pads on the premises, accounting for 12% occupancy. Both occupied homes are park-owned homes (POH), with current rents ranging from $495 to $600 per month. The park holds titles for both POHs. Additionally, there are no vacant trailers being held for back taxes. Arma Manor operates with month-to-month leases, and rent prices have remained unchanged for over 2.5 years.

City water and city sewer!!! The waterlines are primarily PVC for both water and sewer systems. Electrical pedestals supplying 100- 200 amps to each pad were upgraded in 2005. It is believed that all vacant pads have access to water and electricity, although a few may require connection to the gas line, as the current owner is unsure. Residents are directly billed for their electricity, gas, and water by their respective providers. The park covers the cost of garbage removal through dumpster services. The gravel roads throughout the park are considered to be in good condition and are maintained privately. Additionally, the park takes care of mowing the entire premises.

The current owner bought this park in late summer of 2021, during the height of the trailer shortage after COVID. The owner had other parks in Columbia, MO, and Kansas City, MO that he was trying to infill, but he couldn't source trailers at the time. He purchased this park for the park-owned homes on the premises and moved them to his other parks in the larger markets. The park is extremely clean, and the owner notes that future improvements would include adding trailers and a playground. This park is too small for the current owner's portfolio, so he has decided to sell it. This is a unique opportunity to purchase a manufactured home park in great condition, providing an affordable opportunity to enter this asset class.

Note from owner:

Note that these rents have not been increased since we bought the park. I did rent two homes (homes have since been moved out of the park) a year and a half ago at $625/m (small 2 bed, 1 bath) and $750/m (3 bed, 2 bath) to give you perspective. The park netted over $50,000 in 2019 & 2020 with just 10 of the 16 pads occupied. This was the last full year of financials prior to the trailers being moved to other parks.

PHOTOS WERE TAKEN PRIOR TO ALL BUT TWO OF THE TRAILERS BEING REMOVED FROM THE PARK. ONLY LOTS 3 & 4 REMAIN IN THE PARK.

MR. LANDMAN, LLC is licensed as a Kansas real estate firm, license #CO00003312. Jonathan Fisher is a licensed supervising broker in Kansas, with license #00247140.

Location

Arma is a city in Crawford County, Kansas, United States. As of the 2020 census, the population of the city was 1,407. Arma offers its residents and businesses a friendly, clean small town environment with a moderate climate within a short drive to both Pittsburg State University and to Missouri Southern University. The town was previously known as Rust (a small coal camp laid out in 1886), the City of Arma was incorporated as a City of the 3rd class on May 18th, 1909. The City was named for William F. Armacost, one of the owners of the land that lay north and east of the camp. Arma is situated in the center of a rich coal deposit, which accounts for many of the earlier mines located around this location and can be explored at the Miners Hall Museum, located in Franklin, Kansas.

Arma is located:

11 miles north of Pittsburgh, MO (Home of Pittsburgh State University)
39 miles north of Joplin, MO (home of Missouri Southern University)
114 miles south of Kansas City, KS
140 miles southwest of Emporia, KS
142 miles northeast of Tulsa, OK
152 miles east of Wichita, KS

Arma, Kansas gets a BestPlaces Cost of Living score of 69.1, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 30.9% lower than the U.S. average and 16.8% higher than the average for Kansas.

A typical home costs $98,600, which is 70.8% less expensive than the national average of $338,100 and 49.2% less expensive than the average Kansas home, at $194,100. Renting a two-bedroom unit in Arma costs $770 per month, which is 46.2% cheaper than the national average of $1,430 and 26.0% cheaper than the state average of $970.

The crime rate in Arma, KS is slightly lower than the national average. The violent crime rate in the city is 22.3, which is slightly below the US average of 22.7. Similarly, the property crime rate in Arma, KS is 35.6, which is also slightly lower than the US average of 35.4. This suggests that residents of Arma may enjoy a relatively safe environment compared to other cities in the country.

The jobs outlook in Arma, KS is quite positive with an expected future job growth rate of 15.32%, which is significantly higher than the national average of 30.54%. The unemployment rate in Arma, KS is also lower than the national average at 4.0% compared to 4.1%.

The typical American commute has been getting longer each year since 2010. The average one-way commute in Arma takes 16.4 minutes. That's shorter than the US average of 26.4 minutes.

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