Mobile Home Park Details
- Purchase Method: Cash, Seller Financing
- Cap Rate: 11.4% (Actual)
- Listing ID: 505615
- Posted On: Jan 27, 2015
- Updated On: Apr 1, 2015
Description
Excellent potential for this 47 space mobile home park that has 40 park owned homes, a 3+2 double wide and 5 lot rentals. There is also a workshop and storage.
The homes are smaller 2+1's and most require refurbishing anywhere from minimum to major and the park is being sold "as is"
There are currently 10 units occupied grossing $2875 a month which is a 11.4% cap at this price even with the low occupancy. 5 of the units are tenant owned and the other 5 are monthly rentals. The park is on city water and sewer and asphalt road throughout park.
With $30K down, I will owner finance at 7% amortized for 15 years, due in 3 years.
It's a bit of a fixer but the potential is obviously great.
The park is located in the University town of Martin, TN. and is walking distance to the university, shopping, restaurants and walmart.
Contact: gregoryharms@gmail.com (818) 398-4075
Amenities
- Storage
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 47 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $34 |
| Operating Expense: | $14,480 |
| Net Operating Income: | $20,020 |
| Expense Ratio: | 42588.2 % |
Lot Information
| Singlewide Lots: | 46 |
| Doublewide Lots: | 1 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |