Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 8.9%
Listing ID: 5262448
Posted On: Apr 9, 2024
Updated On: Jul 2, 2024

Description

- 22 Fully Occupied Lots
- 20 Tenant-Owned Homes
- 1 Rent-to-Own Home
- 1 Park-Owned-Home
- 1 Single Family Home

Grand Garden Estates has an average monthly lot rent of $330/month. The Rent-to-Own home (lot 20) payment has a maturity date of May 2025. They are currently paying an additional $325/month for their RTO payment. The Park-Owned home (lot 16) pays an additional $250 in rent. Lots 1 and 4 are financed through the Performance Equity Partners.

The single family home is located in the center of the park. The home is a 2-bedroom/2-bathroom home with a den. It is currently being rented out for $750/month with the tenant paying for all utilities.

The resident in lot #1 is also the park manager. They are compensated via free rent and garbage fee.

Below are local rent comparisons obtained in February 2024:
- The Maples (Wisconsin Rapids) - $479/month
- Hickory Shade (Wisconsin Rapids) $410/month (includes water & septic)
- Cedar Junction (Nekoosa) $410/month (includes water & septic)

Location

Wisconsin Rapids is located on the Wisconsin River in central Wisconsin. Wisconsin Rapids is the county seat of Wood County. Within 50 miles of Wisconsin Rapids are the cities of: Stevens Point (18 miles), Marshfield (26 miles), and Wausau (48 miles).

The most recent survey (2021) estimates Wisconsin Rapids' population at 18,711. This is a 5.7% increase from the previous year. The average household income in Wisconsin Rapids is $46,644/year. Of those living in Wisconsin Rapids, only about 53% own their homes. The remaining 47% rent their homes.

The top three industries in Wisconsin Rapids are: Healthcare and Social Assistance (18%), Manufacturing (17%), and Retail Sales (15.5%).

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