Mobile Home Park Details
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Purchase Method:
Seller Financing
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Cap Rate:
12.5%
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Listing ID:
699066
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Posted On:
Aug 22, 2016
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Updated On:
Feb 8, 2017
Description
Located 90 minutes from Reno in Lovelock, Nevada RIver Meadows is an all age two star mobile home community with huge fenced lots and opportunity for seller financing. The park currently maintains a high ratio of park-owned homes however broker has spoken to several tenants who expressed interest in a RTO program or outright purchase on fair terms which currently owner is not offering. River Meadows is on city water without any submetering program in place. Electric and gas is direct-builled NV Energy and local gas company. Property is on septic tanks with no opportunity for city sewer in the immediate area. Lot rents are $235 per month and rental units appear to be in decent condition and near presentable for sale. There is no laundry room or clubhouse.
Location
The park's owner has not been to the property in two years and has sub-par bookkeeping so see sales package linked below for financial pro formas based on current rent rolls and leases. The park has a manager that is currently handling all maintenance, rental collections, and renovations of park-owned units. Park contains a mix of families and seniors and per manager has only had one eviction in last 24 months. The parcel contains the acreage and permits to expand by 48 doublewide lots to create a 83 space mobile home community as needed. Plans and permits can be provided during escrow. Median home cost in Lovelock is $118,500.
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Utility Information
| Water: |
City |
| Water Paid By: |
Park
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| Sewer: |
Septic |
