Contact Information
Jason Bergan
License: S65228000
Mobile Home Park Details
- Price: $1,100,000
- Purchase Method: Cash, New Loan
- Cap Rate: 9.7%
- Listing ID: 6748837
- Posted On: Oct 15, 2024
- Updated On: Oct 15, 2024
Description
Anderson Mobile Home Park is an all age community located less than 20 minutes from Topeka, KS. The community has 36 mobile home lots, one single family residence, and an outbuilding for park storage. The property is 100% occupied and has only one park owned home on site. The community is well maintained, and the majority of the homes are late 1990s and early 2000s vintage. The community has been owned by the same family for nearly 30 years, and has been well maintained by current ownership.
Lot rent is currently $265 per month, which is nearly $100 below market rent estimated at $350 per month. Similar parks located in Topeka, KS are averaging $475 to $525 offering future upside in lot rents given the subject property's proximity to the city of Topeka.
This property offers a new owner upside through raising lot rents to market over time, and the ability to bill back trash all without the need to infill or take on capital expenditure projects within the first several years.
Contact Broker for Additional Details
Location
Anderson MHP is located South of Meriden, KS just off of HWY 4. The subject property is less than 20 minutes to Downtown Topeka. This offers tenants of the community an easy commute to good paying jobs within Topeka and the surrounding area, while offering more affordable lot rent.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 37 |
| Total Occupancy: | 100.0 % |
| Average MH Lot Rent: | $265 |
| Size: | 15 acre(s) |
Financial Information (Actual)
| Gross Income: | $140,000 |
| Operating Expense: | $32,000 |
| Net Operating Income: | $108,000 |
| Expense Ratio: | 22.9 % |
Lot Information
| Singlewide Lots: | 31 |
| Doublewide Lots: | 6 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - RUBs |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
| Average Rent for Park-owned Homes: | $400 |
