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Photo of Land Lease Community
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Photo of trailer park
Photo of Land Lease Community
Photo of trailer park

Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Listing ID: 522911
  • Posted On: May 20, 2015
  • Updated On: Sep 9, 2017

Description

General information
We have decided to offer our 10 lot park for sale in Manhattan, KS.
We have a person that reads water meters, and handles little tasks for us in Manhattan.
Since we only have one park owned mobile home in Manhattan, there is no need for a full time camp host in that park. We only compensate our meter reader as needed.
Rents are either mailed to our P.O. Box, deposited to our bank account locally in person, or paid via PayPal or credit card online through our website.
Manhattan, KS
Home of Kansas State University
Home of the Big Red One Army base
This is a very stable town economically
In Manhattan we own 1 mobile home, 8 are owner occupied, and 1 lot is vacant.
Our park owned home is rented for $395, but will rent higher. We just waited for the right tenant and reduced rent a little to get them. Normal rents are around $600 per month.
Lot rent is $250 per month
Water/sewer and trash are billed back to tenants. We use Badger 25 water meters.
All meters are around a year old.
All plumbing lines underground were replaced with Pex in 2007 and will last for many years trouvle free.
There are two clay 6” main drain lines under the park. Most of the homes have had 4” Pvc run down to them. No P-traps are underground that I’m aware of. Both main drains were scoped with a camera a few years ago and were in good working order. We have not had to snake any drains for over a year since we replaced the 4” clay drains to PVC. Tree roots were the main problem.
We just finished a $6000 remodel on our park owned home in lot #2 back in January 2016.
Reasons for selling:
My wife has advanced Multiple Sclerosis so we are making some big life changes right now. We are downsizing our business to reduce stress in our lives.

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Park Information

Community Type: All Age
Number of MH Lots: 10
Total Occupancy: 100.0 %
Year Built: 1960
Average MH Lot Rent: $250
Size: 1 acre(s)

Financial Information (Actual)

Gross Income: $60,612
Operating Expense: $21,290
Net Operating Income: $39,322
Expense Ratio: 35.1 %
Debt Info: Bank financed locally

RV Information

Number of RV Lots: 3
Average RV Lot Rent: $600

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $350