Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 9.8%
- Listing ID: 517638
- Posted On: Apr 21, 2015
- Updated On: Jul 26, 2015
Description
This great Mobile Home Park is a 44 unit mobile home park with full occupancy. It is located only 8 miles to Walmart and restaurants and around 30 miles to Fort Wayne. This park is surrounded by beautiful open fields in the country but still has city water and city sewer!
The park is offered for sale with zero park owned homes. The seller will be keeping 23 homes they own and guaranteeing lot rent to the new owner on their 23 properties even if they have vacancies. Over half the park has guaranteed lot rent! It is a huge bonus on an already great park. Most of the other homes are long term residents that own their homes.
The current owners are willing to stay on to help manage the park and would even consider a partnership in the right circumstance. They are looking for a great buyer that will continue to successfully run this great mobile home park.
Net Operating Income for 2014 was $74,000 and would have been $82,000 for a new owner. Lot rent is currently $210 per month. The roads and office / laundry building is in great shape. There is a maintenance man on site to take care of repairs and park improvements and the mowing is even taken care of. This is truly a low maintenance park for the new owner.
Don't miss out! City water, city sewer, country location but near town, no park owned homes, guaranteed lot rent on over half the homes, possible seller management, on site maintenance man and a great price.
Call Trent Conaway at (317) 844-4684 today to get more information and schedule a showing!
Amenities
- Laundromat
- Storage
- Club House
Park Information
Community Type: | All Age |
Number of MH Lots: | 44 |
Total Occupancy: | 100.0 % |
Average MH Lot Rent: | $210 |
Size: | 7 acre(s) |
Financial Information (Actual)
Gross Income: | $119,000 |
Operating Expense: | $46,000 |
Net Operating Income: | $73,000 |
Expense Ratio: | 38.7 % |
Lot Information
Singlewide Lots: | 44 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | City |