Mobile Home Park Details
- Cap Rate: 8.0%
- Listing ID: 863260
- Posted On: Sep 28, 2017
- Updated On: Oct 6, 2017
Description
2 mobile home parks for sale. 60 lots total. 55 lots are occupied with homes. No park owned homes! Parks are located 3 miles from each other. Value add opportunity by raising rents $50 per month at Parkview MHP (this alone is a $200k - $250k value add), filling vacant lots, and renting 3 car garage at Liberty Acres MHP. Onsite manager already in place that manages both parks. Very likely he will want to continue under new ownership. He is tech savvy, drives a pickup truck, lives onsite, has insurance, is available 24/7, and capable of doing most repair work as well (underground plumbing fixes, home flips, lawn care, etc).
Parkview MHP:
38 lots. 34 occupied. $245 lot rent (includes water, sewer, trash). Public water and public sewer. Located in the heart of Grove City. Half mile to Walmart, quarter mile to Grove City High School. Parkview MHP is where our onsite manager lives. He currently is in the process of painting the exterior of one home per month and cleaning up the outside area of 1 lot per month. We recently had every tree in the park removed.
Liberty Acres MHP:
22 lots. 21 occupied. $300 lot rent (includes water, sewer, trash). Public sewer and well water. 3.5 miles to Walmart and Grove City College. This is a beautiful park with big lots and consists of 46 acres. Turn key park. We currently put a brand new home on one lot in which we are in the process of selling.
General Info on both parks:
90% of our residents are on leases. About 25% of the residents pay rent through epay (we electronically pull their rent from their bank account) and the others pay online, or through Cash Pay (pay cash at Walmart's money center). No payments are made to our onsite manager. Satisfactory Environmental studies have been completed at both properties and are available. Up to date actual profit and loss sheets, rent rolls, and other reports are available. No property tours without written permission.
Look forward to hearing from you !
Park Information
Community Type: | All Age |
Number of MH Lots: | 60 |
Total Occupancy: | 91.0 % |
Average MH Lot Rent: | $265 |
Size: | 49 acre(s) |
Lot Information
Singlewide Lots: | 60 |
RV Information
Number of RV Lots: | 0 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | City |