Contact Information
Mac Napurano
Mobile Home Park Details
- Price: $915,000
- Purchase Method: Cash
- Listing ID: 6451675
- Posted On: Jun 28, 2024
- Updated On: Jul 4, 2024
Description
This 44-lot mobile home park in Muscatine, IA offers an excellent investment opportunity. Key highlights include:
38 occupied lots with tenant-owned homes and a single-family home on the property
Recently raised lot rent to $320, with market potential of $450
Additional income from a single-family home on the property
Well-maintained infrastructure with PVC water and sewer lines
Private well (240 ft deep) and septic system with new leech pipes
Asphalt roads throughout the park
Established park with most homes from the 1970s-1990s
On-site management and maintenance staff
Potential for increased NOI with full occupancy and market-rate rents
Convenient location with nearby comparable parks charging higher rents
Location
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Park Information
Community Type: | All Age |
Number of MH Lots: | 44 |
Total Occupancy: | 38.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $320 |
Size: | 8 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $237,600 |
Operating Expense: | $71,280 |
Net Operating Income: | $166,320 |
Expense Ratio: | 30.0 % |
Utility Information
Water: | Well |
Water Paid By: | Park |
Sewer: | Septic |