Contact Information
Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)
![Photo](https://mobilehomes.s3.amazonaws.com/photo/c9/c93d/c93da997-a063-49a0-b9cb-cd8ea785a8ef_100.jpg)
Mobile Home Park Details
- Price: $995,000
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 9.9%
- Listing ID: 6660421
- Posted On: Jul 17, 2024
- Updated On: Jul 26, 2024
Description
Riley MHP is one of two MHP's being sold in Moberly, MO as a portfolio. Riley MHP is a 48-pad mobile home community located on 9.34 acres on the outskirts of Moberly, MO. The park was developed in the 1980 and has served the community by offering an affordable housing option since that time. The property is zoned commercial and is believed to be in compliance. The park is not located in a flood zone. The park is presently managed by a 3rd party management company which is owned and run by one of the minority partners in the ownership LLC. The owners believe that they have tenants who would make good onsite manager/greeter candidates should that fit your management model preference. All maintenance issues are currently handled by the 3rd party property management company.
The pad size varies, but all of the pads accommodate single-wide trailers. There are currently zero trailers that will most likely need to be removed from the premises. Of the 32 occupied pads in the park, 31 of the trailers are either TOH or RTO's with pad rate averaging $315/month. One POH's at $775/month. One vacant POH's. Rent was last raised on July 1st, 2024. There are currently five tenants behind in their rent. The park utilizes leases for its residents. The park has titles for all of the POH's. Of the vacant pads 1/3 are able to bring in homes without improving infrastructure (the others will need some pad work and bringing hookups up to code). The tenants currently pay their rent via an online payment portal.
PUBLIC WATER & SEWER! Riley MHP is on city water & city sewer! The underground pipe material is believed to be a mixture of different materials. The amperage of the electrical pedestals was not provided. Residents are direct billed for water, electricity, & gas by the utility providers. Garbage is paid directly by the park at the present time, however that is being transitioned to the tenants as leases come up for renewal. The park roads which are asphalt were recently repaired (July 2024) and are considered to be in good condition. The tenants will be responsible for mowing their own pads as their current leases are up for renewal. The park mows the common areas through the property management company. The property management company also pushes snow as needed.
The owner has made some park improvements since taking over the park:
• 2 upgraded/remodel's of POH or POH to TOH
• 1 home purchased and/or infilled
• Electrical upgrades for infill
• Pad prep for infill
• POH's in poor condition were removed from the park
• Plumbing work done on sewer lines and pump house
• Over $75,000 in capital expenditures over the past 18 months
When asked if they were to continue to own/operate the parks going forward, what items would you concentrate on improving?
• Continue infill efforts
• Continue to fully transition to 100% RTO/TOH in the park
• Garbage & mowing fully transitioned to tenants
MR. LANDMAN, LLC is a licensed real estate brokerage firm in the State of Missouri under Lic#2021009404. Jonathan Fisher is a broker associate in the State of Missouri under Lic#2021009405.
Location
Moberly is a city in Randolph County, Missouri. The population was 13,783 as of the 2020 census. It is part of the Columbia metropolitan area. The economy in Moberly is supported by a mix of manufacturing, healthcare, education, and retail. Local businesses thrive alongside larger corporations, providing a stable economic environment and employment opportunities for the community. The presence of Moberly Area Community College adds an educational dimension to the city, fostering learning and innovation.
The median home cost in Moberly is $121,800. Home appreciation the last 10 years has been 67.1%. Home Appreciation in Moberly is up 15.2%.
Renters make up 29.8% of the Moberly population.
The average 2-bedroom home/apartment rents for $760/month.
The average 3-bedroom home/apartment rent for $1,050/month.
Moberly, MO is currently on a positive path when it comes to future job growth. With a 17.36% projected growth in jobs compared to the national average of 30.54%, Moberly is set up for an influx of opportunities in the coming years. The unemployment rate in the city is also lower than the US average, sitting at 4.8%. This indicates that there are plenty of jobs available for those who are willing to put in the effort to find them.
Moberly, Missouri gets a BestPlaces Cost of Living score of 74.5, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 25.5% lower than the U.S. average and 13.0% higher than the average for Missouri.
Moberly violent crime is 13.4. (The US average is 22.7)
Moberly property crime is 45.4. (The US average is 35.4)
Moberly schools spend $13,691 per student (The US average is $12,383). There are 13 pupils per teacher, 678 students per librarian, and 339 children per counselor.
Here are some of the largest employers in Moberly, MO:
• Everlast
• Lakeview Biodiesel
• Mack Pro
• Orscheln Products
• Pepco, Inc.
• Precision Printing
• Randolph County Sheltered Industries
• Vest-Fiber
• Wilson Trailer
• Walmart
• Moberly Community College
• Moberly Correctional Center
• Moberly Public Schools
• Moberly Regional Medical Center
Moberly is located:
36 miles N of Columbia, MO
65 miles N of Jefferson City, MO
131 miles NE of Kansas City, MO
151 miles NW of St. Louis, MO
198 miles NE of Springfield, MO
Randolph County is a county in the northern portion of the U.S. state of Missouri. As of the 2020 census, the population was 24,716. Its county seat is Huntsville. The county was organized January 22, 1829, and named for U.S. Representative and U.S. Senator John Randolph of Roanoke, Virginia. Randolph County comprises the Moberly, Missouri Micropolitan Statistical Area, which is also included in the Columbia-Moberly-Mexico, Missouri Combined Statistical Area.
Park Information
Community Type: | All Age |
Number of MH Lots: | 48 |
Total Occupancy: | 67.0 % |
Year Built: | 1980 |
Average MH Lot Rent: | $315 |
Size: | 9 acre(s) |
Financial Information (Actual)
Gross Income: | $129,600 |
Operating Expense: | $31,019 |
Net Operating Income: | $98,581 |
Expense Ratio: | 23.9 % |
Lot Information
Singlewide Lots: | 48 |
RV Information
Number of RV Lots: | 0 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 2 |
Average Rent for Park-owned Homes: | $775 |