Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 11.0%
- Listing ID: 863051
- Posted On: Sep 28, 2017
- Updated On: Apr 9, 2018
Description
Valley View South Mobile Home Park is an 18 home community located on the southern end of Quincy, Illinois. This rural location offers privacy for its residents yet also good access to the Quincy employers and Quincy schools. This park offers an investor a stable community, as all lots are rented and all homes have been well taken care of, with many having been recently painted and upgraded. Seller is planning to sell its existing 10 homes with the sale of the park but is amenable to a discount of $200,000 if buyer does not want the homes. Current lot rent is $180/month for lot leases. The homes rent for an additional $300-400 per month. Tenants pay all utilities. County streets reduce the landlord maintenance obligations and offer buyer a sizable rate of return from day one. (See attached pro forma.)
Park Information
Community Type: | All Age |
Number of MH Lots: | 18 |
Total Occupancy: | 100.0 % |
Year Built: | 1970 |
Average MH Lot Rent: | $180 |
Size: | 5 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $80,880 |
Operating Expense: | $24,065 |
Net Operating Income: | $50,671 |
Expense Ratio: | 29.8 % |
Lot Information
Singlewide Lots: | 18 |
Doublewide Lots: | 0 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
RV Information
Number of RV Lots: | 0 |
Average RV Lot Rent: | $0 |
Utility Information
Water: | City |
Water Paid By: | Tenant - Submetered |
Sewer: | Treatment Plant |
Park-Owned Homes
Number of Park-owned Homes: | 10 |
Average Rent for Park-owned Homes: | $350 |