Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.8%
- Listing ID: 893230
- Posted On: Feb 5, 2018
- Updated On: Apr 25, 2018
Description
http://properties.iowacommercial.com/294211-sale
Since 1967, Sistad Mobile Home Park has been a well-established community treasure. A one family, second generation owned MHP, the seller grew up working in the park. Several years ago, the son and his wife bought the property from the parents. The sellers have other interests, in addition to the mobile home park, and wish to concentrate on expanding their other assets. This is a very stable park with many long-time tenants, some going back to the 1960's. The average tenant has lived in the park for over 11 years. There is very little turnover, and strong collections. Vacancy of homes or rentals is rare. Park features City Water and Sewer, paved streets, sidewalks, storm shelter, 8 POHs, all fully rented and a total of 33 lots. Lot rent was raised from $285 to $305 on the first of the year and includes Water, Sewer and Garbage. Garage rent (2) is an additional $10/month.
Location
Stewartville, MN, Olmsted County is a 15-minute or ten-mile drive from Rochester, MN. The Park is located along Highway 63.
Stewartville Population: 6,189
Rochester MSA Population: 188,842
The region's population is expected to grow by over 20% in the next ten years due to expansion in Rochester of the Mayo Clinic.
Local industry sectors include:
-Health Care (Mayo Clinic and associated hospitals, clinics and medical offices)
-Medical Device Manufacturing (IBM)
-Medical Research & Development (Univ. of MN at Rochester)
-Hospitality & Tourism
Park Information
Community Type: | All Age |
Number of MH Lots: | 33 |
Total Occupancy: | 91.0 % |
Year Built: | 1967 |
Average MH Lot Rent: | $305 |
Size: | 3 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $125,800 |
Operating Expense: | $66,592 |
Net Operating Income: | $59,208 |
Expense Ratio: | 52.9 % |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 8 |
Average Rent for Park-owned Homes: | $337 |