Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
- Cap Rate: 6.0%
- Listing ID: 465264
- Posted On: Aug 13, 2014
- Updated On: Oct 11, 2014
Description
19 Space Mobile Home Park with enormous growth potential. Current ACTUAL Cap Rate is 5.5, GRM is 10.4, AND there are 6 of the 19 spaces not producing at this time PLUS additional land to add 5 more spaces, AND lots of room to raise existing rents, AND potential to add revenue with laundry facilities, concessions, etc. An on -site manager makes your job easy! There is an existing $325,000 loan at 6.25% which is assumable. Seller would consider carrying a second.
Location
In a gorgeous area along the Columbia River Gorge in Hood River County, OR, Cascade Locks took its name from a set of locks built in 1896 to improve navigation past the Cascades Rapids of the Columbia River. They were submerged in 1938 and replaced, but the name stayed. Cascade Locks is the lowest point along the Pacific Crest Trail which runs from Mexico to Canada. Population is estimated at 1100-1200 people.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 24 |
| Total Occupancy: | 68.0 % |
| Average MH Lot Rent: | $343 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $61,860 |
| Operating Expense: | $24,705 |
| Net Operating Income: | $37,155 |
| Expense Ratio: | 39.9 % |
| Debt Info: | 325,000 |
Lot Information
| Singlewide Lots: | 16 |
| Doublewide Lots: | 3 |
| Triplewide Lots: | 0 |
| Park Model 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: | $550 |