Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 12.0%
- Listing ID: 853897
- Posted On: Sep 2, 2017
- Updated On: Jan 11, 2018
Description
This is a clean turn key park with TONS of upside due to the fact that the lot rents are way under market. City water (sub metered) and septic. This Park is grandfathered in for 65 lots!!! 16 tenant owned homes in there now and two Park owned homes comes with the sale.
Other parks in the area are charging $200-225 a month. By increasing the lot rent and adding 3 new homes in the 3 vacant spaces, you can gross over $4,000 a month.
There is a stick build home that rents for $500 a month and a small warehouse that rents for $300 a month. Lot rent is scheduled to increase in January of 2018 to $185. Three used trailers need to be purchased in order to maximize the cash flow. It's a well managed park with stable long term tenants.
I would prefer to deal with Cash buyers. I will be flexible on price if you don't need banks. Call me any time with any questions.
(586) 524-8845
Park Information
Community Type: | All Age |
Number of MH Lots: | 65 |
Total Occupancy: | 23.0 % |
Year Built: | 1979 |
Average MH Lot Rent: | $150 |
Size: | 6 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $48,500 |
Operating Expense: | $9,740 |
Net Operating Income: | $38,760 |
Expense Ratio: | 20.1 % |
Lot Information
Singlewide Lots: | 20 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | Septic |