Photo of Mobile Home Park
Mobile Home Park Details
- Purchase Method: Cash, Assumable Loan
- Cap Rate: 9.6%
- Listing ID: 512517
- Posted On: Mar 9, 2015
- Updated On: May 13, 2021
Description
Sale is for 2 parks owned by same seller. MH park is on north side of Lake Reedy and RV park on south side of Lk Reedy.Price Reduced from $900k to $769K for Fast Sale/Wants close 30days(9.6%CapRate! Clean/Little to No Deferred Maintenance Adult Parks!(2 Properties)36 total spaces/unit Lakefront MH/RV/Lk Hm Park:15 MH spaces lot rents 270/m & 1 CBS Home rents for $650/m,19 RV spaces at $190/m, Doublewide Park Owned trailer rents for $600/m. Upside: Rents are still low even after small increase, lot maintenance/mowing can be passed through /giving upside potential. Development Potential of platting/zoning into individual lake lots for even more value!
Amenities
- Club House
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Park Information
| Community Type: | 55 And Over |
| Number of MH Lots: | 15 |
| Total Occupancy: | 100.0 % |
| Average MH Lot Rent: | $270 |
| Size: | 8 acre(s) |
Financial Information (Actual)
| Gross Income: | $107,621 |
| Operating Expense: | $33,403 |
| Net Operating Income: | $74,115 |
| Expense Ratio: | 31.0 % |
Lot Information
| Singlewide Lots: | 15 |
| Doublewide Lots: | 1 |
RV Information
| Number of RV Lots: | 19 |
| Average RV Lot Rent: | $190 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
| Average Rent for Park-owned Homes: | $600 |
