Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 10.0%
- Listing ID: 537297
- Posted On: May 27, 2015
- Updated On: Dec 3, 2015
Description
Country Acres Estates consists of 48 lots located on 23+/- acres just outside Warrensburg, MO. This is a very peaceful and quiet location. Great upside potential but selling well below market value due to desire for a quick sale. Actually selling this at the value of the property as if it were not operating as a mobile home park.
Warrensburg (http://www.warrensburg-mo.com/) is approximately 35-40 minutes outside of Kansas City. It is the county seat for Johnson County with a population close to 20,000. It is also home to the University of Central Missouri which serves an additional 13,000 students (https://www.ucmo.edu/). Within 15 minutes of the park is Whiteman Air Force Base (http://www.whiteman.af.mil/) which is home to the B2 stealth bomber. Approximately 4,000 people work at Whiteman and due the focused work done there many of the service men and woman are there for many years. If you’ve never seen a B2 flying overhead you’ll be amazed!
The park consists of 48 total sites. There are 12 occupied units, 22 empty homes available for remodel, and 13 empty lots. There is also a large manufactured home (not mobile home) onsite that he current manager lives in. This home sits on a full foundation and has a full basement that includes a separate living unit (kitchen, bathroom, living room, dining room, 2 bedrooms). This home is not included in the rent numbers and previously rented for $1200 per month ($650 up, $550 down).
The park has city water, city electric, and 3 cell lagoon sewage system. All of the trailers are electric as there is no natural gas in the park. Some tenants have chosen to use propane tanks for fuel source for heating. Many of the spaces have upgraded electrical pods in the last two years. These spaces pods are set up to be used either as mobile home hookups or RV hookups if desired. PVC sewer lines, both 6” and 4”, are used throughout the park.
The park is in need of an immediate DNR approved upgrade to the existing 3 cell lagoon system. This must be the first priority for the new owner. We have approved/signed plans ready for construction but the cost is much more than we can afford. Current bids range around $170,000 for a third party to construct and manage the project. There should be savings available for an on-site owner to manage the project.
Park Information
Community Type: | All Age |
Number of MH Lots: | 48 |
Total Occupancy: | 25.0 % |
Year Built: | 1980 |
Average MH Lot Rent: | $225 |
Size: | 23 acre(s) |
Financial Information (Actual)
Gross Income: | $60 |
Operating Expense: | $40,000 |
Net Operating Income: | $12,500 |
Expense Ratio: | 66666.7 % |
Lot Information
Singlewide Lots: | 48 |
Doublewide Lots: | 48 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 24 |
Average Rent for Park-owned Homes: | $400 |