Mobile Home Park Details

  • Cap Rate: 14.0%
  • Listing ID: 12544
  • Posted On: Jun 2, 2010
  • Updated On: Oct 12, 2010

Description

Mobile Home Park on 3.19 acres w/ 13 mobile homes (11 park owned) & 1 new commercial block bldg. (1000sf, 2 story), surrounded by new growth. 11 rentals of $675-$850 w/ 2 lot rents at $333 per month and all units are in excellent condition and well maintained. Land mostly zoned C-2, balance should be rezoned for highest & best use. No vacancy, good long term tenants on yearly leases. Park is on county 2" water meter and all units are sub-metered & billed separately, septic w/ newer drain field & street lighting. 1+ acre is cleared for additional expansion and has exceptional commercial possibilities. Recent survey and appraisal (9/07). Asking $499,000, $35K per pad which includes the building and 3 acres of land. Make a reasonable offer and we will look at it.

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Park Information

Number of MH Lots: 13
Total Occupancy: 100.0 %
Average MH Lot Rent: $333
Size: 3 acre(s)

Financial Information

Gross Income: $107,448
Operating Expense: $17,420
Net Operating Income: $90,028
Expense Ratio: 16.2 %

Utility Information

Water Paid By: Tenant - Submetered

Park-Owned Homes

Number of Park-owned Homes: 11
Average Rent for Park-owned Homes: $675