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, Assumable Loan
  • Cap Rate: 7.0%
  • Listing ID: 647828
  • Posted On: Mar 24, 2016
  • Updated On: May 8, 2017

Description

One star mobile home and RV park near Payson directly on Highway 188 offers an investor private assumable financing with a seven year fixed interest rate and huge rental upside. Park has 29 full time occupants so has some room for infill as proximity to Payson job center and low rents make infill possible with better marketing. The park is located next to a bar/restaurant as well as a general store not far off Beeline Highway just ten minutes from Mazatzal Casino and Payson. Also not far from Roosevelt Lake. The park has been mis-mananged and seller has not been spending the adequate time needed to bring up to full potential. The park is an hour from Scottsdale so can be managed remotely from Phoenix area without much issue. Broker recommends new marketing plan built around low income housing opportunities with new ASU campus coming to Payson as well as marketing towards sunbird population. Gross potential income is $108,000 plus electricity pass through so a great opportunity in a market with an average studio apartment rent of $515.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 45
Total Occupancy: 64.0 %
Year Built: 1980
Average MH Lot Rent: $185
Size: 3 acre(s)

Financial Information (Actual)

Gross Income: $93,120
Operating Expense: $49,184
Net Operating Income: $49,126
Expense Ratio: 52.8 %

Lot Information

Singlewide Lots: 45

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

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