Mobile Home Park Details
- Purchase Method: Cash, Assumable Loan
- Cap Rate: 7.7%
- Listing ID: 911653
- Posted On: Mar 20, 2018
- Updated On: Mar 27, 2018
Description
71 lot Mobile Home Park with a 3 unit apartment.
FOR SALE BY OWNER
-95% occupied @ $385 average lot rental
-14 park owned homes, hold notes on a hand full of homes.
-$575 for apartment rental.
-Well/Sewage Treatment Plant Tenants pay $30 a month for water
-Well maintained paved roads.
-Major overhaul was done to sewage treatment plant in 2013, meets and exceeds all EPA standards
-Onsite park manager that is willing to stay on for new owners
-Park originally had an FHA loan.
-Park has an assumable Bank of America loan @5.39%
-The value of Notes held is $88,952
-The value of Rental Homes is $79,950
-The value of Notes held and the value of Rental Homes is included in the sale price of the Mobile Home Park.
$3,250,000
-No Lot rent increase since 1/1/14
-Did add $30 for Water/Sewer/Garbage/Recycling
For more information please contact Dale.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 71 |
| Total Occupancy: | 95.0 % |
| Average MH Lot Rent: | $385 |
Financial Information
| Gross Income: | $378,841 |
| Operating Expense: | $112,511 |
| Net Operating Income: | $266,330 |
| Expense Ratio: | 29.7 % |
Utility Information
| Water: | Well |
| Sewer: | Treatment Plant |
