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Mobile Home Park Details

Purchase Method: Cash
Listing ID: 542357
Posted On: Jun 16, 2015
Updated On: Sep 1, 2015

Description

- Opportunity to acquire a three-star park with strong in-place returns in a CSA with a population of nearly 750,000.
- One vacant inventory home and two home notes are being sold with the property (offered at $25,000 and $32,147 respectively).
- Rent increase of $10 will be effective in July 2015.
- Iowa recently implemented a 10-year tax rollback program for manufactured housing communities which could potentially yield a total tax rollback of over 36%.
- The community features public utilities and residents are sub-metered for water and sewer.
- Magnetic water meters that detect low flow volume were installed in 2014.
- Approximately half of the residents are retired.

Location

- Hammond Estates is strategically located in Slater on R38, whichruns north toward Ames and south toward Des Moines. Both cities are less than a 30 minute drive from the property.
- Many insurance companies make their headquarters there including Principal Financial Group, EMC Insurance Group, Allied Insurance and Wellmark Blue Cross Blue Shield.
- Several major employers operate in the area: Wells Fargo,Mercy Medical Center, UnityPoint Health, Principal Financial Group, and Nationwide Insurance.
- Des Moines boasts such attractions as the Iowa State Capitol, the State of Iowa History Museum, Western Gateway Park, the Des Moines Opera, and more.
- The Iowa State Fair, held in Des Moines, is one of the largest state fairs in the country attracting over a million visitors. The fairgrounds span over 450 acres and feature livestock shows, a double ferris wheel, contests, and numerous other events over the course of 11 days.
- 15 minutes from the community, Iowa State University has an enrollment of 34,000 and offers 100 majors.

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