Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 10.0%
- Listing ID: 480935
- Posted On: Oct 31, 2014
- Updated On: Feb 15, 2016
Description
Country View Mobile Home Park is a 79 site community located in Denison, IA.
Highlights include:
79 mh sites, 63 occupied mh sites plus 1 single family home, which is occupied by the manager for FREE rent.
Assessed Value $412,300
Lot rent $225
Rent includes water, sewer, garbage
City water, private sewer (see Offering Brochure for additional information).
NEW management. Lives onsite in single family house and is doing a great job filling vacant rent to own homes.
1 story single family home on site was built in 1970.
Property includes a 1,080 sf (30 x 36) shop building (metal), built in 1980.
Country View Mobile Home Park is listed for $595K.
An allowance of $200,000 to connect to the city sewer is added to bring the total cost to acquire Country View to $795K.
The sewer connection is estimated to cost $100K to $200K. New bank financing is calculated on $596,250—making the cash on cash return 22%.
The city of Denison has approved Country View hooking up to its municipal sewer system.
This is a rare opportunity to buy a mobile home park in an economically vibrant farming and manufacturing area.
Location
Denison, IA (population approx. 8,300) is the county seat of
Crawford County. Denison is located directly on Highway
30, and is approximately 1-1/2 hours from Omaha, NE, and
Des Moines, IA.
Largest employer in Denison is Farmland Foods (meat
packing). Along with the meat industry, Denison and the
surrounding area have a diversified industrial base that
includes the manufacture of concrete products, a computer
software firm, the production of ethanol, graphic arts, health
care, and education. Other major employers are: Wal-Mart,
Tyson Fresh Meats, Denison Community Schools, Hy-Vee
(grocery), Denison Job Corps Center and Crawford County
Memorial Hospital.
Denison Job Corps Center is a Department of Labor
designated Center for Excellence, and provides job training
in the areas of health care and construction.
Denison is home to a satellite campus of Western Iowa
Tech Community College, as well as having
an extension campus of Iowa State University.
Park Information
| Number of MH Lots: | 79 |
| Total Occupancy: | 83.0 % |
| Year Built: | 1970 |
| Average MH Lot Rent: | $225 |
| Size: | 12 acre(s) |
Financial Information (Actual)
| Gross Income: | $170,100 |
| Operating Expense: | $89,147 |
| Net Operating Income: | $80,953 |
| Expense Ratio: | 52.4 % |
Utility Information
| Water: | City |
| Water Paid By: | Park |