Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park
Photo of Mobile Home Park

Mobile Home Park Details

  • Purchase Method: Seller Financing
  • Cap Rate: 10.4%
  • Listing ID: 549836
  • Posted On: Jul 27, 2015
  • Updated On: Nov 9, 2015

Description

This is a clean and quiet 2* star park with rental and vacancy upside located in the pathway of development in between Metro Phoenix and Tucson. Large spaces and near full occupancy with management and maintenance person in place for easy transition. Nice starter park or for an experienced investor looking for outstanding returns and seller financing. All city utilities are billed back and 35 spaces are direct billed through APS for easy management. All sites are 100amp allowing for new homes to be placed within the park to fill vacancies. Only eight park-owned rentals (six park models, one RV, one mobile home) with another eight mobile homes on contract to be sold. Those 8 contract notes and income not included in NOI used for valuation. 3 vacant MH spaces also allows for future upside, current homes in the park have sold for an average of $9,000 per singlewide. Lot rental within the park was just raised in 2015 to $237.50 and which is far below rental comps in nearby Casa Grande for similar parks. Current move-in' s are being charged $245.00 for rent. Broker believes park has additional room for rental growth (rent was raised in both 2014 and 2015 with no adjustment in occupancy), filling in vacant spaces and office/apartment via permanent residents or seasonal via advertising.

Location

$1,100,000 Sales Price
50 Spaces, 35 MH/15 RV (43 permanents)
5.5% fixed seller financing
86% occupancy
Unused 2 br apartment
City Water and Sewer
Direct billed APS, all other utilities submetered and billed through
Directly in path of Phoenix-Tucson growth projections
17.7% cash on cash return, 10.4% cap rate
Rental Upside

Amenities

  • Laundromat
  • Club House
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 50
Total Occupancy: 86.0 %
Year Built: 1958
Average MH Lot Rent: $245
Size: 4 acre(s)

Financial Information (Actual)

Net Operating Income: $114,110

Lot Information

Singlewide Lots: 35
Park Model Lots: 15

RV Information

Number of RV Lots: 15
Average RV Lot Rent: $245

Utility Information

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

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