Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.7%
  • Listing ID: 468793
  • Posted On: Sep 6, 2014
  • Updated On: Mar 13, 2015

Description

26 space Mobile Home Park in Log Lane Village near Fort Morgan, CO. I purchased this park in 2003 and proceeded to replace all of the gas, underground electric, phone, cable TV, and water services. All utilities and streets are public, so maintenance is the responsibility of the Town.

Most of the 1960’s vintage homes were removed from the site. Twenty three newer homes (1990 through 2001 models) were installed in the Park. Every house was remodeled to as new condition. All houses with asphalt roofs had new shingles installed in October of 2009 due to a hail storm.

The Park currently owns 18 homes

Lot rent is $240 per month, last raised in 2012. We are in the process of raising the Lot Rents to $250 per lot as leases expire. House rent averages around $695 with lot rent included. Tenants pay all utilities except trash.

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Park Information

Community Type: All Age
Number of MH Lots: 26
Total Occupancy: 100.0 %
Year Built: 60
Average MH Lot Rent: $240
Size: 2 acre(s)

Financial Information (Actual)

Gross Income: $192,987
Operating Expense: $38,096
Net Operating Income: $154,891
Expense Ratio: 19.7 %

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 18
Average Rent for Park-owned Homes: $695

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