Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.3%
- Listing ID: 4868916
- Posted On: Mar 21, 2024
- Updated On: Aug 28, 2024
Description
Southview MHP is a 40 pad, all ages community located in Fairfield, IA.
Currently the park has 29 TOHs on site, as well as two long term resident RVs. The park also has a 36 unit self storage building and a one bed/one bath apartment. The property is served by public utilities, all of which are billed directly to the tenants.
The owner of the park is currently in the process of selling three vacant homes to new tenants, in the event these homes are not sold prior to closing, current ownership will pay lot rent to the new owners until the homes can be sold.
Current ownership has raised lot rent to $300 (Effective June 1st, 2024), while still leaving upside for new ownership. Currently market rents in the area average $375 in similar communities. The self storage units are currently rented at $50 per unit, with similar units in the area renting for $100 per unit.
Location
Fairfield, Iowa is the County Seat of Jefferson County, and has a population of approximately 10,000 residents. Fairfield, Iowa is home to the Maharishishi International University, with over 1,200 students enrolled each year. Fairfield is known for its high level of startup companies, especially in the software and manufacturing industries.
Amenities
- Storage
Park Information
| Number of MH Lots: | 40 |
| Total Occupancy: | 75.0 % |
| Year Built: | 1981 |
| Average MH Lot Rent: | $300 |
Financial Information (Actual)
| Gross Income: | $125,400 |
| Operating Expense: | $19,400 |
| Net Operating Income: | $106,000 |
| Expense Ratio: | 15.5 % |
Lot Information
| Singlewide Lots: | 40 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
