Mobile Home Park Details
- Purchase Method: Seller Financing
- Cap Rate: 16.0%
- Listing ID: 506760
- Posted On: Feb 2, 2015
- Updated On: Feb 4, 2015
Description
This manufactured housing community consist of 55 developed spaces situated on 9.96 acres of land. The park is located in Kalkaska, MI and has blacktop streets and on-street parking. The park manager lives on site.
There are 36 sites occupied- all tenant owned. There are 11 homes that are waiting to be sold, and 8 lots that are available for single-wide homes to be moved in. All tenants pay $205 per month for lot rent.
An office building at the front of the park also has an attached apartment, which rents for $505 per month, plus half the utilities.
There is a storage building in the park that offers four separate units, which are currently rented for $20 per month.
Tenants wishing to have a pet pay a $10 fee each month. Restrictions are in place regarding approval of animals.
Tenants are responsible for heat, electric, cable and personal water/sewer usage. The park has city water and sewer. Meters have been installed on all homes to recapture water and sewer expenses, which are billed and collected through an independent utility company.
This park has great potential and is an immediate income opportunity, located in a high volume traffic area and close to schools, shopping and medical facilities.
Park is being offered on a Land Contract. Listing price is $295,000, down payment of $75,000. Monthly payments are $3,500 at 6% interest. Also offered are the nine installment contracts on homes in the park, valued at $68,434. We will discount the contracts to offer you a 20% yield on the investment.
Serious inquiries only, please email mobiles4sale@sbcglobal.net or contact Keith at 616-836-7693. A statement of income and expenses and park occupancy has been included for your review.
Amenities
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 55 |
Total Occupancy: | 65.0 % |
Year Built: | 1960 |
Average MH Lot Rent: | $205 |
Size: | 10 acre(s) |
Financial Information (Actual)
Gross Income: | $7,710 |
Operating Expense: | $3,773 |
Net Operating Income: | $3,936 |
Expense Ratio: | 48.9 % |
Lot Information
Singlewide Lots: | 55 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |