Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.5%
- Listing ID: 5915474
- Posted On: May 28, 2024
- Updated On: Nov 18, 2024
Description
The South Mobile Home Community is located in the heart of South Hutchinson, KS. The property consists of 21 lots, of which, 12 are occupied.
Lot rents are well below market at $190/month per month. Similar lot rents in the area are in the high $200 to mid $300 range for mobile homes. A new owner would have the opportunity to raise the lot rent to the market rate over time or upon purchase.
There is one stick built home on the property which is rented to long term tenant at $400 per month
The owners of the community are currently paying for the water and trash expenses of the tenants. A new owner would be able to recuperate the cost of water via sub-metering and distributing the trash costs to the tenants.
Property is being sold as-is.
Location
South Hutchinson is a city in Reno County, KS with a population of 2,500 residents. The city is a suburb of Hutchinson, KS which has a population of 40,000 residents. Hutchinson, KS is the county seat of Reno County and is located less than an hour from downtown Wichita.
This community is located one block west of Main St. in South Hutchinson, KS. The property is conveniently located a block from a local bank, Dollar General, and a child care center.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 21 |
| Total Occupancy: | 6.0 % |
| Average MH Lot Rent: | $190 |
Financial Information (Actual)
| Gross Income: | $34,440 |
| Operating Expense: | $18,280 |
| Net Operating Income: | $16,160 |
| Expense Ratio: | 53.1 % |
Lot Information
| Singlewide Lots: | 21 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
