American Mobile Home Park and Redwood Mobile Home Park are both located in Muncie, Indiana. The parks are located within a few miles of each other for easy travel for property management. Both Parks have 29 lots each with rented storage sheds on some lots. The deal includes 35 mobile homes that are currently rented. Both parks also have a great property manager / repairman in place who will stay with the change of ownership. Owners are ready to retire and hand the parks over to a great new owner.
Both parks potential income for 2014 is $235,600 with expenses of $74,457. This creates an NOI of $161,143 and an excellent CAP Rate of 14.6! And the seller is also willing to carryback some of the cost of the actual homes at 0% interest!
The parks are 100% full and have additional income opportunities with increased lot rent and monthly rents as leases renew. Also there are 3 apartments and a building that can be completed for a modest cost and bring in additional income. Both parks are on city water and city sewer with individual meters.
