Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 10.0%
- Listing ID: 542527
- Posted On: Jun 17, 2015
- Updated On: Mar 18, 2022
Description
This is a clean, well-established park with a low turnover of tenants. All units are owned by the park and are rented on a monthly basis. The units are 14' wide mobile homes and one 16 wide home. On the back of the property there is a large double wide that is currently occupied by the owner. (The double wide is calculated into the Pro Forma figures.) Nearby is a 13' x 20' out-building with an attached roof for RV parking, a deer fenced garden area, and a fishing pond. A 20' x 50' building on a concrete slab is used for maintenance and storage. Water comes from a deep, licensed private well with a 1000 gallon water tank. There are thirteen septic tanks on the property. The property is in two parcels; the park is on 2.75 acres and the owner’s residence is on 12.44 acres. Under zoning regulations, for what is called a "mother-in-law's quarters" an additional MH could be added on the back parcel.
Location
The property is located on a paved road. The property stays nearly 100% rented year round. All units are park owned and the units are very well maintained. The property is in a clean, quiet, rural area. Shopping, schools, hospitals, and services are only 7 miles away in Lake City.
Amenities
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 13 |
Total Occupancy: | 95.0 % |
Year Built: | 0 |
Average MH Lot Rent: | $589 |
Size: | 15 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $72,789 |
Operating Expense: | $20,000 |
Net Operating Income: | $52,789 |
Expense Ratio: | 27.5 % |
Debt Info: | debt free |
Lot Information
Singlewide Lots: | 12 |
Doublewide Lots: | 1 |
Utility Information
Water: | Well |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 13 |
Average Rent for Park-owned Homes: | $589 |